The weekly messenger | Edition 17.17
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
ITFG Bulletin 8 – 8 May 2017
Indian Accounting Standards (Ind AS) Transition Facilitation Group (ITFG) of Ind AS (IFRS) Implementation Committee has been constituted to provide clarification on various issues related to applicability and/or implementation of Ind AS under the Companies (Ind AS) Rules, 2015, raised by preparers, users and other stakeholders. Recently, ITFG has issued the eighth set of clarifications. This bulletin contains clarifications on following significant matters:
- Treatment of provision for unspent Corporate Social Responsibility expenditure;
- Disclosure of impact of Ind AS 115, “Revenue from Contracts with Customers” in financial statements as per Ind AS 8;
- Clarification on date of transition for preparation of Balance sheet;
- Clarification on reversal of impairment provision after adoption of Ind AS 101, “First Time Adoption of Ind AS”;
- Accounting treatment of balance outstanding in “Revaluation Reserve” created as per previous GAAP in case the company has adopted cost model for subsequent measurement of Property, Plant & Equipment ;
- Recognition of income on an investment in debt instrument recognized in the books of an investor etc.
For more information, click here
Regulatory News
Investments – Master Circular – IRDAI (Investment) Regulations 2016
The Insurance Regulatory and Development Authority of India (IRDAI) in order to enforce IRDAI (Investment) Regulations, has issued various circulars, guidelines at different times. This Master Circular covers all Circulars, Guidelines which are effective to date in order to serve as one stand point reference.
For more information, click here