Monthly GAAP Bulletin – August 2022

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Grant Thornton Bharat presents the latest edition of the Monthly GAAP Bulletin that summarises significant accounting, auditing and regulatory updates. This publication has been compiled to meet the needs of dynamic Indian businesses and focuses on key developments in India and across the globe.

This edition covers updates for August 2022. We hope you find this bulletin informative and useful.

Quick snapshot of some key updates

India updates – Effective

Accounting updates

  • Institute of Chartered Accountants of India (ICAI) has released educational material on Ind AS 34, interim financial reporting

Auditing updates

  • ICAI issued Revised Guidance Note on Tax Audit under Section 44AB of the Income Tax Act, 1961

Regulatory updates 

Companies Act updates

  • Ministry of Corporate Affairs (MCA) clarification on spending of CSR funds for Har Ghar Tiranga campaign

SEBI updates

  • SEBI has issued single operational circular for listing obligations and disclosure requirements for non-convertible securities, securitised debt instruments and/or commercial paper
  • SEBI (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2022

Other regulatory updates

  • Bombay Stock Exchange (BSE) has issued frequently asked questions (FAQs) on audit, nomination and remuneration and Stakeholders Relationship Committee while submitting corporate governance XBRL utility at stock exchange

India updates – Proposed

Regulatory updates

  • Exposure Draft of Guidance Note on Report u/s 92E of the Income Tax Act, 1961 (Transfer Pricing)

International updates – Effective

Accounting updates

  • Financial Accounting Standards Board (FASB) issued ASU 2022-03: Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

International updates – Proposed

Accounting updates

  • FASB issued Exposure Draft of Proposed ASU: Financial Services – Insurance – Transition for Sold Contracts