The weekly messenger | Edition 05.17
This newsletter is a weekly compilation of accounting, auditing and related regulatory news from different accounting and regulatory bodies in India and overseas.
Accounting News
FASB drops Step 2 from goodwill impairment testing - 26 January 2017
Financial Accounting Standards Board (FASB) has issued an update ‘Topic – 350 (Intangibles—Goodwill and Other)’. The Board has eliminated step 2 (measurement of goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill) from the goodwill impairment to simplify the subsequent measurement of goodwill impairment.
For more information, click here
Regulatory News
Companies (Incorporation) Amendment Rules, 2017- 25 January 2017
The Central Government (CG) further amended Companies (Incorporation) Rules, 2014 with rules called Companies (Incorporation) Amendment Rules, 2017. These rules, inter-alia includes
- Issuance of certificate of incorporation in Form No. INC-11
- Mentioning of PAN where certificate of incorporation is issued by IT department
They shall come into force on 30 January 2017
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Clarification on implementation of GAAR provisions under the income Tax Act, 1961-27 January 2017
A Working Group has been constituted by the Board to address queries regarding implementation of General Anti –Avoidance Rule (GAAR) provisions which shall come into force from 1 April 2017 .
For more information, click here.