The weekly messenger | Edition 02.19

Accounting News

ED of AS 11 Construction Contracts and AS 18 Revenue – 7 January 2019

The Accounting Standards Board of the ICAI, as an initiative to upgrade the existing Accounting Standards (AS) and to bring them nearer to the Indian Accounting Standard (Ind AS) has been issuing the EDs of various ASs, basis their corresponding Ind ASs. Recently, the ASB has issued the ED of AS 11, ‘Construction Contracts’ and AS 18, ‘Revenue’ which would be applicable to non-Ind AS compliant companies having net worth of less than 250 crore including non-company entities.
 
Comments are to be provided by 4 February 2019.
 
For ED of AS 11, click here;
For ED of AS 18, click here.

Auditing News

ASB changes align GAAS with PCAOB standards- 3 January 2019

The American Institute of Certified Public Accountants’s (AICPA) Auditing Standards Board has voted to issue a new standard that will more closely align generally accepted auditing standards (GAAS) and the Public Company Accounting Oversight Board’s (PCAOB) standards.
 
For more information, click here.

Regulatory News

SEBI (ICDR) Regulations, 2018 [Last amended on 31 December 2018] - 4 January 2019

The Securities and Exchange Board of India (SEBI) has issued the revised SEBI (Issue of Capital and Disclosure Requirements) (ICDR) Regulations, 2018 (as amended on 31 December 2018) after incorporating all the amendments issued till 31 December 2018.
 
For more information, click here.

In order to facilitate meaningful restructuring of Micro, Small and Medium Enterprises (MSMEs) accounts that have become stressed, the Reserve Bank of India has decided to permit one-time restructuring of existing loans to MSMEs classified as ‘standard’ without a downgrade in the asset classification, subject to certain conditions.
 
For more information, click here.

The Central Board of Indirect Taxes and Customs has issued certain updates w.r.t. Goods and Service tax (GST) whose links are as follows:

• For more information w.r.t. GST on Services of Business Facilitator (BF) or a Business Correspondent (BC) to Banking Company, click here;
• For more information w.r.t clarification on GST rate applicable on supply of food and beverage services by educational institution, click here;
• For more information w.r.t clarification on issue of classification of service of printing of pictures covered under 998386, click here;
• For more information w.r.t Central GST (CGST) Amendment Act, 2018 – Clarification regarding section 140 (1) of the CGST Act, 2017, click here;
• For more information w.r.t applicability of GST on Asian Development Bank (ADB) and International Finance Corporation (IFC), click here; and

For more information w.r.t applicability of GST on various programmes conducted by the Indian Institutes of Managements (IIMs), click here