Monthly GAAP Bulletin | May 2016

Effective

• Guidance Note on accounting for real estate transactions
• New and revised standards on auditing
• ITFG of ASB issued clarification bulletin 2
• Notification of provisions relating to ‘Special Courts’
• Companies (Registration Offices and Fees) Amendment Rules, 2016
• Companies (Corporate Social Responsibility Policy) Amendment Rules, 2016
• Clarification with regard to provisions of CSR under section 135 of the 2013 Act
• Relaxation of additional fees and extension of time for filing e-forms by Companies under the 2013 Act and for filing annual return by LLPs under LLP Act, 2008
• SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2016
• Disclosure of the impact of audit qualifications by the listed entities
• SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2016
• SEBI (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2016
• SEBI (Issue and Listing of Debt Securities) (Amendment) Regulations, 2016
• SEBI (Issue and Listing of Non-Convertible Redeemable Preference Shares) (Amendment) Regulations, 2016
• SEBI (Intermediaries) (Amendment) Regulations, 2016
• Guidelines for public issue of units of InvITs
• Revised formats under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
• Procedure to deal with cases prior to 01 April 2014 involving offer / allotment of securities to more than 49 and up to 200 investors in a financial year
• Guidelines for corporate governance for insurers in India
• Insurance Regulatory and Development Authority of India (Assets, Liabilities and Solvency Margin) Regulations
• Establishment of branch office/ liaison office/ project office or any other place of business in India by foreign entities
  • Procedural guidelines
  • Master direction

• Master direction - Reserve Bank of India (Financial Services provided by Banks) Directions, 2016
• Review of framework for revitalising distressed assets in the economy and strategic debt restructuring mechanism
• The Insolvency and Bankruptcy Code, 2016
• Narrow-scope improvements and practical expedients to ASC 606, Revenue from Contracts with Customers
• FASB removes certain SEC staff guidance from codification

Proposed/Exposure Drafts

• SEBI Board meeting decisions
• Legislative framework for regulating deposit taking activities
• IASB confirms amendments to current insurance contracts Standard
• Proposed ASU on accounting for goodwill impairment
• PCAOB issued revised proposal of the auditor reporting standard