The weekly messenger | Edition 02.17
This newsletter is a weekly compilation of accounting, auditing and related regulatory news from different accounting and regulatory bodies in India and overseas.
Auditing News
ED on SA 720 (Revised) – 4 January 2017
Institute of Chartered Accountants of India (ICAI) has issued an Exposure Draft on Standard on Auditing (SA) 720 (Revised). This Revised SA contains requirements and guidance regarding the auditor’s responsibilities relating to other information in a financial statement audit engagement.
Public comments are to be received by 20 February 2017.
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Regulatory News
Exemption to specified IFSC public and private companies under Section 462 of the Companies Act, 2013 – 4 January 2017
Central Government (CG) has directed that certain provisions of the Companies Act, 2013 shall not apply or shall apply with certain exceptions, modifications and adaptations to an unlisted public company and a private company which are licensed to operate by the Reserve Bank of India (RBI) or Securities and Exchange Board of India (SEBI) or Insurance Regulatory and Development Authority of India (IRDAI) from the International Financial Services Centre (IFSC) located in an approved multi services Special Economic Zone.
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SEBI (LODR) (Third Amendment) Regulations, 2016 – 4 January 2017
SEBI has issued SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2016 making certain amendments in SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. These amendments include the following:
- Title of regulation 26 has been substituted to “Obligations with respect to employees including senior management, key managerial persons, directors and promoters” from “Obligations with respect to directors and senior management”.
- A provision has been added to Regulation 26 stating that a prior approval from Board of directors as well as public shareholders by way of an ordinary resolution has to be obtained in case an employee including key managerial personnel or director or promoter of a listed entity enters into any agreement with regard to compensation or profit sharing in connection with dealings in the securities of such listed entity.
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