The weekly messenger | Edition 14.17
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
ICAI has issued implementation guide on Auditor’s Report under Rule 11(d) Of Companies (Audit and Auditors) Amendment Rules, 2017 and Amendment to Schedule III to Companies Act, 2013 – 15 April 2017
In order to provide appropriate guidance to the members wrt reporting obligation pursuant to the notifications issued by the Ministry of Corporate Affairs on disclosure of Specified Bank Notes (SBNs), the Institute of Chartered Accountants of India (ICAI) has issued an implementation guide for the same. The Implementation Guide inter-alia includes:
- Frequently Asked Questions;
- Illustrative list of audit procedures;
- Different Reporting Scenarios; and
- Written Representations.
For more information, click here
Regulatory News
Companies (Registration of Charges) Amendment Rules, 2017 – 7 April 2017
The Central Government (CG) has amended theCompanies (Registration of Charges) Rules, 2014 by the Companies (Registration of Charges) Amendment Rules, 2017 by revising the forms CHG-1, CHG-4 and CHG-9 wherein certain declarations and field level changes have been incorporated.
For more information, click here.
Companies (Removal of Names of Companies from the register of the Companies) Amendment Rules, 2017 - 12 April 2017
CG has amended the Companies (Removal of Names of Companies from the register of the Companies) Rules, 2016, by Companies (Removal of Names of Companies from the register of the Companies) Amendment Rules, 2017, wherein a new form i.e. form STK 5 A has been incorporated for the purpose of publishing of notice in case of certain categories of companies.
These rules shall come into effect on the date of official publication in the Official Gazette.
For more information, click here
Companies (Compromises, Arrangements and Amalgamation) Amendment Rules, 2017- 13 April 2017
CG has amended the Companies (Compromise, Arrangement and Amalgamation) Rules 2016 by the Companies (Compromise, Arrangement and Amalgamation) Amendment Rules 2017 wherein a new rule i.e. rule 25 A wrt ‘Merger or Amalgamation Of a foreign company with a Company and vice versa’ has been inserted.
These rules shall come into effect on the date of official publication in the Official Gazette.
For more information, click here
Notification of Commencement of Section 234– 13 April 2017
CG has appointed 13 April 2017 as the date on which the provisions of section 234 of the Act shall come into force.
For more information, click here
Inclusion of ‘Derivatives on Equity shares’ – 13 April 2017
The Securities and Exchange Board of India (SEBI) has decided to include ‘Derivative on equity shares of a company incorporated in India’ as a permissible security under the SEBI (International Financial Services Centres (IFSC)) Guidelines, 2015.
For more information, click here
GST Act – 12 April 2017
The Goods and Services Tax (GST) Act has received the assent of the President on 12 April 2017 and is hereby published for general information.
For more information, click the following links,
The Central GST Act, click here
The Integrated GST Act, click here
The Union Territory GST Act, click here
The GST (Compensation to States) Act, click here