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Monthly GAAP Bulletin – January 2021

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Grant Thornton Bharat presents the latest edition of 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

This edition covers updates for December 2020.

We hope you find this bulletin informative and useful.

India updates – Effective

Auditing updates

  • CARO 2020 applicability deferred by a year
  • ICAI’s report on audit quality review (2019-20)

Regulatory updates

Companies Act updates

  • Extension of timelines for compliances under Companies Act, 2013
  • Relaxation of additional fees and extension of the last date of filing of Form CRA-4 for FY20

SEBI updates

  • Clarification on the framework for the issue of depository receipts
  • Extension of timelines for creation of security in the issuance of listed debt securities and due diligence by debenture trustee(s)
  • Monitoring and disclosures by debenture trustee(s)

Other regulatory updates

FAQs on resolution framework for COVID-19-related stress

India updates – Proposed

Accounting updates

  • Exposure drafts issued by the ICAI

Regulatory updates

SEBI updates

Consultation paper on re-classification and disclosure of the promoter/promoter group entities in the shareholding pattern

International updates - Effective

US GAAP updates

  • Statement on Standards for Attestation Engagements
    (SSAE) No. 22

International updates – Proposed

IFRS Updates

  • Comments invited by ICAI on the exposure draft of the proposed amendment to IFRS 16, Leases: Lease Liability in a Sale and Leaseback
  • Discussion paper on business combinations under common control

US GAAP updates

Proposed ASU: Business Combination (Topic 805) - Accounting for contract assets and contract liabilities from contracts with customers