The weekly messenger | Edition 12.17
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
Companies (Ind AS) Amendment Rules, 2017 – 21 March 2017
The Central Government (CG) has amended the Companies (Indian Accounting Standards (Ind AS)) Rules, 2015 by the Companies (Ind AS) Amendment Rules, 2017 wherein certain modifications and transition provisions with respect to Ind AS 102 ‘Share Based Payments’ and Ind AS 7 ‘Statement of Cash Flows’ have been incorporated.
These rules shall come into force from 1 April 2017.
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Regulatory News
Increase in Minimum Wages – 20 March 2017
CG has notified the revision of minimum wages for the scheduled employments under the Central Sphere w.e.f. 19.01.2017.
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Securities Contract (Regulations) Amendment Rules, 2017 – 20 March 2017
CG has amended the Securities Contract (Regulation) Rules, 1957 by the Securities Contract (Regulation) Amendment Rules, 2017. As per the amended rules, certain procedural changes have been made under rule 8 which relates to Qualifications for membership in a recognized stock exchange.
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Circular on Schemes of Arrangement by Listed Entities and (ii) Relaxation under Sub-rule (7) of Rule 19 of the Securities Contracts (Regulation) Rules, 1957 – 23 March 2017
In order to provide clarification with respect to the date to be considered for the purpose of computing prices in case, where the shares are issued under the scheme to a selected group of shareholders or shareholders of unlisted companies, the Securities and Exchange Board of India has issued a circular.
As per this circular, the ‘relevant date’ for this purpose would be the date of Board meeting in which such scheme is approved.
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Clarification on ICDS notified under section 145(2) of the Income Tax Act, 1961 – 23 March 2017
The Central Board of Direct Taxes had referred certain provisions of Income Computation and Disclosure Requirements (ICDS) requiring clarifications/amendments by the stakeholders to an expert committee for the purpose of proper implementation of the same. The Expert Committee for this purpose has issued clarifications in the form of Frequently Asked Questions (FAQs).
For FAQs, click here