The weekly messenger | Edition 21.16
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
IASB issues minor changes to IFRS standards – 8 December 2016
The International Accounting Standards Board (IASB) has issued several amendments to International Financial Reporting Standards (IFRS) and an interpretation providing clarifications in particular standards. These changes include:
- Annual improvements to IFRS 12 “Disclosure of Interests in Other Entities”, IFRS 1 “First-time Adoption of IFRS” and IAS 28 “Investments in Associates and Joint ventures” which include minor amendments such as clarification, correction or removal of redundant wording in a standard.
- IFRIC Interpretation w.r.t Foreign Currency Transactions and Advance Consideration addressing the exchange rate to be used in transactions involving advance consideration paid or received in a foreign currency.
- Amendments to IAS 40 “Investment Property”, clarifying requirements regarding transfers to or from investment property.
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Regulatory News
Companies (Transfer of Pending Proceedings) Rules, 2016 – 7 December 2016
Ministry of Corporate Affairs (MCA) has issued new rules namely The Companies (Transfer of Pending Proceedings) Rules, 2016 which inter-alia includes the following provisions:
- Transfer of pending proceedings relating to cases other than winding up
- Pending proceedings relating to voluntary winding up
- Transfer of pending proceedings of winding up on the ground of inability to pay debts
- Transfer of pending proceedings of winding up matters on the grounds other than inability to pay debts
- Transfer of records
- Fees not to be paid
These rules shall come into effect from 15 December 2016 except rule 4 which shall come into effect from 1 April 2017.
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Effective date of certain provisions of Companies Act, 2013 – 7 December 2016
Central Government has notified 93 more sections under the Companies Act, 2013 which will become effective from 15 December 2016. These provisions, inter-alia, include definition of company liquidator, variation of shareholders rights, reduction of share capital, actions to be taken in pursuance of inspector’s report, voluntary winding of company etc. not to stop investigation proceedings, power to acquire shares of shareholders dissenting from scheme or contract approved by majority, debts of all descriptions to be admitted to proof etc.
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Companies (Removal of Difficulties) Fourth Order, 2016 – 7 December 2016
MCA has issued Companies (Removal of Difficulties) Fourth Order, 2016 in which it has provided certain clarification wrt proceedings under the Companies Act, 1956 to be transferred to the tribunal.
It shall come into effect with effect from 15 December 2016.
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