The weekly messenger | Edition 20.19

Accounting News

Ind AS: Disclosure Checklist for Accounting Year 2018-19 – 17 May 2019

The Institute of Chartered Accountants of India (ICAI) has issued the Indian Accounting Standards (Ind AS): Disclosure Checklist for accounting year 2018-19.
 
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FASB Issues Targeted Transition Relief to Institutions Applying the Credit Losses Standard – 15 May 2019

The Financial Accounting Standards Board (FASB) has issued an Accounting Standards Update (ASU) that eases transition to the credit losses standard by providing the option to measure certain types of assets at fair value. The new ASU allows an option for preparers to irrevocably elect the fair value option, on an instrument-by-instrument basis, for eligible financial assets measured at amortized cost basis upon adoption of the credit losses standard which would increase the comparability of financial statement information provided by institutions that otherwise would have reported similar financial instruments using different measurement methodologies, potentially decreasing costs for financial statement preparers while providing more useful information to investors and other users.
 
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Regulatory News

FAQs on The Banning of Unregulated Deposit Schemes Ordinance, 2019 – 14 May 2019

The ICAI has recently issued a publication w.r.t. the ‘Banning of Unregulated Deposit Scheme Ordinance, 2019’ namely ‘Frequently Asked Questions (FAQs) on the Banning of Unregulated Deposit Schemes Ordinance, 2019’ which majorly cover the following:

• What is the need and the objective of the Ordinance;
• Meaning of deposit, depositor, deposit taker etc.;
• Meaning of Regulated Deposit Scheme;
• What are specific exclusions from the definition of deposits;
• What are the offences under this Ordinance;
• Punishment for soliciting/ accepting deposits under Unregulated Deposit Scheme etc.

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ICSI issues GN on Report of the Board of Directors – 14 May 2019

The Institute of Companies Secretaries of India (ICSI) has issued a guidance note (GN) on ‘Report of the Board of Directors’ which sets out the explanations, procedures and practical aspects in respect of the provisions contained in Secretarial Standard (SS)-4 ‘Report of the Board of Directors’ to facilitate compliance thereof by the stakeholders.
 
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Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2019 – 16 May 2019 

The Central Government has amended the Companies (Appointment and Qualification of Directors) Rules, 2014 with the Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2019, wherein a new rule i.e. ‘Rule 12B. Directors of company required to file e-form ACTIVE’ has been added, which states that if a company governed by Rule 25A of the Companies (Incorporation) Rules, 2014 fails to file the e-form ACTIVE within the specified period, the Director Identification Number (DIN) allotted to its existing directors, shall be marked as ‘Director of ACTIVE non-compliant company’.
 
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CBDT further defers the applicability of clause 30C and 44 of Revised Form 3CD – 14 May 2019

The Central Board of Direct Taxes (CBDT) has further deferred the applicability of the clause 30C (pertaining to General Anti – Avoidance Rules (GAAR) {Impermissible Avoidance Arrangements- As mentioned in Form 3CD}) and clause 44 (pertaining to Goods and Services Tax (GST)) of the Revised Form 3CD by one year, thereby keeping them both in abeyance till 31 March 2020.
 
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