Monthly GAAP Bulletin – February 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.

Quick snapshot of some key updates

India updates – Effective

Auditing Updates

  • ICAI Publication: Implementation Guides on SA 560, ‘Subsequent Events’ and SA 210, ‘Agreeing the Terms of Audit Engagements’

Regulatory updates

Companies Act updates

  • MCA notifies higher additional fees for late filing vide amendment in Section 403 of the Companies Act, 2013 and also notified Companies (Registration Offices and Fees) Amendment Rules, 2022
  • ICAI publication: Revised Guidance Notes on Schedule III

SEBI updates

  • SEBI issues clarification w.r.t. timing of submission of NOC from the lending scheduled commercial banks/financial institutions/debenture trustee in a scheme of arrangement
  • SEBI notifies disclosure obligations of high-value debt listed entities in relation to Related Party Transactions

Other regulatory updates

  • RBI issues circular on Basel III Framework On liquidity standards relating to small business customers
  • Release of Master Circular - Bank Finance to Non-Banking Financial Companies (NBFCs)

India updates – Proposed

Regulatory updates

Other Regulatory updates

  • IRDAI issues exposure draft on Guidelines on remuneration of non-executive directors and managing director/chief executive officer/whole-time directors of insurance companies

International updates – Effective

Auditing updates

  • IAASB releases conforming and consequential amendments aligning existing IAASB Standards to Revised Quality Management Standards