The weekly messenger | Edition 22.19

Accounting News

IASB proposes to update Conceptual Framework reference in IFRS 3 – 30 May 2019

The International Accounting Standards Board (IASB) has issued an Exposure Draft ‘Reference to the Conceptual Framework (Proposed Amendments to IFRS 3)’, wherein the IASB has proposed three amendments to International Financial Reporting Standard (IFRS) 3 ‘Business Combinations’ that would update an outdated reference in  the aforesaid standard without significantly changing its requirements.
 
Comments are to be provided by 27 September 2019.
 
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Regulatory News

Enhanced disclosure in case of listed debt securities – 27 May 2019

The Securities and Exchange Board of India in order to further secure the interests of investors in listed debt securities, to enhance the transparency and to enable the Debenture Trustees (DTs) to perform their duties effectively, has issued the following guidelines, thereby amending the existing regulatory framework for DTs:

• Disclosure of compensation arrangement with clients by DTs on their websites;
• Calendar of interest/redemptions, due and paid, to be displayed on the website of DTs for the financial year;
• Furnishing of updated list of debenture holders to the DTs by Issuers/Registrars to an Issue and Share Transfer Agent;
• Additional covenants in case of privately placed issues.

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Amendments to Schedule VII of the Companies Act 2013 – 30 May 2019

The Central Government (CG) has amended the Schedule VII of the Companies Act 2013 which deals with activities which may be included by companies in their Corporate Social Responsibility Policies, wherein the CG has inserted a new entry in the aforesaid Schedule i.e. ‘(xii) disaster management, including relief, rehabilitation and reconstruction activities’.
 
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