The weekly messenger | Edition 17.18
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
ED on the Indian Valuation Standards formulated by the ICAI – 22 April 2018
The Institute of Chartered Accountants of India (ICAI) had constituted the Valuation Standards Board to focus on the release of Indian Valuation Standards, providing Interpretations, Guidance and Technical Materials from time to time and implementation of these Standards. In order to meet the above objectives and to standardise the various principles, practices and procedures followed by registered valuers/ valuation professionals in valuation of assets and liabilities, Valuation Standards Board of the ICAI has formulated the Exposure Draft (ED) on the Indian Valuation Standards. The draft standards inter-alia include the following:
- Preface to the Indian Valuation Standards;
- Framework for the Preparation of Valuation Report in accordance with the Indian Valuation Standards ;
- Indian Valuation Standard 101- Definitions;
- Indian Valuation Standard 102- Valuation Bases;
- Indian Valuation Standard 103 - Valuation Approaches and Methods;
- Indian Valuation Standard 201 - Scope of Work, Analyses and Evaluation ; etc.
Comments and suggestions are to be received by 12 May 2018.
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 clarification w.r.t. the manner of filing the quarterly return by composition dealers in FORM GSTR-4, click here;
- For information w.r.t. Central GST (CGST) (Fourth Amendment) Rules, 2018, click here; and
- For information w.r.t. commencement of E-way bill for intra-State movement of goods for Bihar, Jharkhand, Haryana, Himachal Pradesh, Tripura and Uttarakhand from 20th April, 2018, click here.