The weekly messenger | Edition 10.17
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 proposes simplifying accounting for share-based payments to non-employees – 8 March 2017
The Financial Accounting Standards Board (FASB) in order to reduce the cost and complexity and improve the financial reporting for non- employee share-based payments, has issued a proposed update for the simplification of the accounting of the same. The amendments in this proposed update would affect all entities that enter into share – based payment transactions for acquiring goods and services from non-employees.
Comments to be received by 5 June 2017.
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The IFRS Foundation publishes the IFRS Taxonomy 2017- 9 March 2017
The International Financial Reporting Standards (IFRS) Board has issued the IFRS Taxonomy 2017, which basically reflects the IFRS standards as issued by the International Accounting Standards Board IASB at 1 January 2017, including standards published but not effective as on that date.
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FASB changes presentation of defined benefit costs – 11 March 2017
FASB has issued an Accounting Standard Update (ASU) in order to increase the transparency and usefulness of information about the defined benefit costs for pension plans and other post-retirement benefit plans presented in employer financial statements. The basic purpose of issuing this ASU is to improve the presentation of net periodic pension cost and net periodic post retirement benefit cost. For this purpose, the board has added a standard-setting project to provide additional guidance on the presentation of net benefit cost in the income statement and on the components eligible for capitalization in assets.
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Regulatory News
Trade Marks Rules 2017 – 6 March 2017
Central Government has issued the Trade Marks Rules, 2017 as a replacement to the Trade Marks, Rules, 2002.These rules inter-alia includes:
- Definitions
- Procedure for registration of Trademarks Application
- Renewal of registration and restoration
- Special Provisions relating to protection of Trademarks through the International Registration under Madrid Protocol
- Assignment and Transmission
- Registered user
- Rectification and Correction of Register Alteration or Rectification of Register etc.
These rules have become effective from the date of the publication, ie. 6 March 2017.
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