The weekly messenger | Edition 03.17
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 Ind AS Taxonomy for comments - 10 January 2017
Institute of Chartered Accountants of India (ICAI) has issued an Exposure Draft (ED) on Ind AS Taxonomy. It covers the financial statements, viz. Balance Sheet, Statement of changes in equity, Statement of Profit and Loss, Statement of other comprehensive income and Cash Flow Statement and the related notes and the non-financial information meant for filing annual financial statements for companies other than insurance or banking company or any other class of company for which a form of financial statement has been specified in or under the respective Act governing such class of company with Registrar of Companies, Ministry of Corporate Affairs.
Public comments are invited to be received by 25 January 2017.
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FASB addresses Debt classification, inventory disclosure – 11 January 2017
The Financial Accounting Standards Board (FASB) has issued amendments to Topic 470 (Debt)- Simplifying the Classification of Debt in a Classified Balance Sheet (Current versus Noncurrent) that to make the process of classification of debt as current or non-current separately within a classified balance sheet less complex and understandable.
FASB has also proposed to increase disclosure requirement under Topic 330 (Inventory), Disclosure framework- Changes to the Disclosure Requirements for Inventory, which inter alia includes:
- Changes in inventory that are not related to ordinary course of manufacturing, purchasing or selling inventory
- Inventory disaggregated by major components
- Inventory disaggregated by measurement basis
- Qualitative description of costs capitalized
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EFRAG issued final endorsement advice Applying IFRS 9 ‘Financial instruments’ with IFRS 4 ‘Insurance Contracts’ – 13 January 2017
European Financial Reporting Advisory Group (EFRAG) has submitted to European Commission endorsement advice relating to Endorsement of applying International Foreign Reporting Standards (IFRS) 9 ‘Financial instruments’ with IFRS 4 ‘Insurance Contracts’ with amendments to IFRS 4 for use in the European Union and European Economic Area.
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