The weekly messenger | Edition 12.18
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
IFRS Foundation publishes IFRS Taxonomy 2018 – 16 March 2018
The International Financial Reporting Standards (IFRS) Foundation has published the IFRS Taxonomy 2018 which reflects the presentation and disclosure requirements of the IFRS Standards as issued by the International Accounting Standards Board (IASB) at 1 January 2018, the IFRS for small and medium – sized enterprises (SMEs) Standard as issued by the IASB in December 2015 and Practice Statement 1 Management Commentary as issued by the IASB in December 2010. It also includes the amendments made to the IFRS Taxonomy 2017 such as applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Amendments to IFRS 4), issued in September 2016; IFRS 17 Insurance Contracts, issued in May 2017; and Prepayment Features with Negative Compensation (Amendments to IFRS 9), issued in October 2017.
For more Information, click here.
Regulatory News
Further GST Updates
The Central Board of excise and Customs has issued certain updates w.r.t. Goods and Services Tax (GST) whose links are as follows:
- For information w.r.t. extension of tax exemptions for exporters for six months, click here;
- For information w.r.t. processing of refund application for UIN entities, click here;
- For clarifications on exports related refund issues, click here;
- For press release regarding policy changes, click here;
- For press release regarding E-way Bill, click here;
- For press release on GST refunds on exports, click here; and
- For Central GST Rules, 2017 as amended up to 7 March 2018, click here.