The weekly messenger | Edition 15.19
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
ED on AS 17, Leases – 3 April 2019
The Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI), as an initiative to upgrade the existing Accounting Standards (AS) and to bring them nearer to the Indian Accounting Standard (Ind AS) has been issuing the Exposure Drafts (EDs) of various ASs, basis their corresponding Ind ASs. Recently, the ASB has issued the ED of AS 17 ‘Leases’ which would be applicable to non - Ind AS compliant companies having net worth of less than 250 crore.
Comments are to be provided by 4 May 2019.
For more information, click here.
ED of Revised GN on Division I and II of Schedule III to the CA, 2013 – 5 April 2019
The Corporate Laws and Corporate Governance Committee of the ICAI has issued the Revised Guidance Note (GN) on Division I and Division II of Schedule III to the Companies Act (CA), 2013 for the public comments.
Comments are to be provided by 20 April 2019.
For GN on Division I of Schedule III to the CA, 2013, click here; and
For GN on Division II of Schedule III to the CA, 2013, click here
Auditing News
AASB constitutes Expert Panel for addressing Bank Branch Audit related queries for the F.Y. 2018-19 – 1 April 2019
The Auditing and Assurance Standards Board (AASB) of the ICAI with a view to support its members for fast resolution of queries related to Bank Audit, has offered an online support from 1 April 2019 till 15 April 2019 for the bank branch audits for the year ended 31st March 2019.
For more information, click here.
Regulatory News
The SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2019 – 29 March 2019
The Securities and Exchange Board of India (SEBI) has amended the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 with the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2019, wherein it has made the following changes in Regulation 10 ‘General exemptions’:
- In clause (d)(ii) and (iii) of sub-regulation (1), the words ‘or a competent authority’ have been omitted;
- In clause (i), the following changes have been made:
- The word ‘scheme’ has been omitted;
- The existing proviso has been substituted with the following proviso: “Provided that the conditions specified under sub-regulation (6) of regulation 158 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 are complied with.”
- after the proviso, the following explanation shall be inserted, namely,-“Explanation. – For the purpose of this clause, “lenders” shall mean all scheduled commercial banks (excluding Regional Rural Banks) and All India Financial Institutions. etc."
For more information, click here.
Further GST Updates
The Central Board of Indirect Taxes and Customs has issued certain updates w.r.t. Goods and Services Tax (GST) whose links are as follows:
For clarification regarding exercise of option to pay tax under notification No. 2/2019- CT(R) dt 07.03.2019, click here