The weekly messenger | Edition 17.16
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 issues four proposed taxonomy implementation guides– 7 November 2016
Financial Accounting Standards Board (FASB) has issued four proposed U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy Implementation Guides in which it has provided additional insight and supplemental guidance to its prepares on how to apply the taxonomy’s modelling structure to their XBRL disclosures. Following topics are addressed by the guides:
- Leases
- Revenue from contracts with customers
- Dimensional modeling for disclosures related to consolidated and non consolidated entities
- Retirement benefits
Comments to be received by 2 December 2016.
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Auditing News
Knowledge Booklet IV: Quality Internal Audit Reports – 9 November 2016
The Internal Audit Standards Board (IASB) of the Institute of Chartered Accountants of India (ICAI) has issued a knowledge booklet on the quality of Internal Audit Reports. The basic purpose of issuing this booklet is to help the internal auditors to provide effective and efficient internal audit services to the clients and/or employers. The booklet inter alia includes:
- Internal Audit Reports
- Important Aspects of Quality Reporting
- Technology - An important Tool
- Composition of the Internal Audit Standards Board 2016-17
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Regulatory News
IEPF Authority (Recruitment, Salary and other Terms and Conditions of Service of officers and other employees) Rules, 2016 – 4 November 2016
Ministry of Corporate Affairs (MCA) has issued the Investor Education and Protection Fund (IEPF) (Recruitment, Salary and other Terms and Conditions of Service of officers and other employees) Rules, 2016. These rules are applicable to all the officers and employees of the Authority and inter-alia includes:
- Definitions
- Application
- Number of posts, classification and pay band with pay grade
- Method of recruitment, eligibility etc.
- Procedure for appointment on deputation
- Period of deputation
- Conditions of service
- Disqualification etc.
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Companies (Registration Offices and fees) Second Amendment Rules 2016 – 7 November 2016
Central Government (CG) has amended the Companies (Registration Offices and Fees) Rules, 2014 by the Companies (Registration Offices and Fees) Second Amendment Rules, 2016 in which two changes have been incorporated which are as follows:
- AOC-4 to be certified by a Chartered Accountant or a Company Secretary or Cost Accountant in whole time practice as against the current practice where it was required to be certified by only a Chartered Accountant in practice.
- Changes in amount of fees to be paid for allotment of Directors Identification Number (DIN) and additional requirement has been incorporated wherein the companies are also required to pay certain amount at the time of surrendering DIN.
However, these rules are subject to publication in e-gazette.
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ECB – Clarifications on hedging – 7 November 2016
The Reserve Bank of India (RBI) has provided certain clarifications on Master directions issued by RBI on External Commercial Borrowing (ECB), Trade Credit, Borrowing and Lending in Foreign Currency such as amount of ECB to be covered by hedging, tenor of hedging etc.
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