The weekly messenger | Edition 18.19

Accounting News

IASB proposes targeted amendments to IFRS Standards in response to IBOR reform – 3 May 2019

The International Accounting Standards Board (IASB) has proposed certain changes to the old and new financial instruments Standards i.e. IAS 39 ‘Financial Instruments: Recognition and Measurement’ and IFRS 9 ‘Financial Instruments’, in light of the reform of interest rate benchmarks such as interbank offer rates (IBORs). The aim of the aforesaid proposed amendments is to provide relief from specific hedge accounting requirements that could have resulted in the discontinuation of hedge accounting solely due to the uncertainty arising from interest rate benchmark reform.
 
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Regulatory News

Companies (Appointment and Qualification of Directors) Amendment Rules, 2019 – 30 April 2019

The Central Government (CG) has amended the Companies (Appointment and Qualification of Directors) Rules, 2014 with the Companies (Appointment and Qualification of Directors) Amendment Rules, 2019, wherein in Rule 12A ‘Directors KYC’, the date of submission of e-form DIR-3KYC for the Financial Year 2018-19 has been extended from ‘30 April 2019’ to ‘30 June 2019’.
 
These Rules shall come into force w.e.f. 30 April 2019.
 
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Companies (Registration Offices and Fees) Third Amendment Rules, 2019 – 30 April 2019

The CG has amended the Companies (Registration Offices and Fees) Rules, 2014 with the Companies (Registration Offices and Fees) Third Amendment Rules, 2019, wherein the following changes have been made in ‘Item I (Fee for filing under section 403 of the Companies Act, 2013)’ of Annexure 1:

• In sub-item B in the Table of additional fee, in third column, the heading ‘Forms including charge documents’ has been substituted with the heading ‘Forms excluding charge documents’;
• After sub-item D, a new item i.e. ‘E. Fees for filing charge documents’ has been inserted.

These Rules shall come into force w.e.f. 30 April 2019 except for few changes made under item E for which different dates have been specified.
 
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The CG has amended the Companies (Registration of Charges) Rules, 2014 with the Companies (Registration of Charges) Amendment Rules, 2019, wherein the following changes have been made:

• Certain procedural changes have been made in Rule 3 ‘Registration of Creation or Modification of Charge’;
• Erstwhile Rule 4 ‘Condonation of Delay by Registrar’ and Rule 12 ‘Condonation of Delay and Rectification of Register of Charges’ have been substituted with the new Rule 4 ‘Application to Registrar’ and Rule 12 ‘Rectification in register of charges on account of omission or misstatement of particulars in charge previously recorded and extension of time in filing of satisfaction of charge’ respectively;
• Forms CHG-1, CHG-8 and CHG-9 have been substituted with the new forms w.e.f. 1 August 2019.

Except for newly substituted forms, these Rules shall come into force w.e.f. 30 April 2019.
 
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Companies (Acceptance of Deposits) Second Amendment Rules, 2019 – 30 April 2019
 
The CG has amended the Companies (Acceptance of Deposits) Rules, 2014 with the Companies (Acceptance of Deposits) Second Amendment Rules, 2019, wherein in sub-rule (3) of Rule 16A ‘Disclosures in the financial statement’, the period for submission of onetime return of deposits has been extended from ‘1 April 2014 to 22 January 2019’ to ‘1 April 2014 to 31 March 2019’ and also the due date of filing of the aforesaid return has also been extended from ‘90 days from the date of the publication i.e. 22 January 2019’ to ‘90 days from 31 March 2019’.
 
These Rules shall come into force w.e.f. 30 April 2019.

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