The weekly messenger | Edition 26.21

September 2021

This newsletter is a weekly compilation of accounting, auditing and related regulatory news from different accounting and regulatory bodies in India and overseas

Auditing news

ICAI aligns the time limit of generating UDIN from 15 days to 60 days ‒ 17 September 2021

As per Standard on quality control (SQC 1) and SA 230 ‘Audit Documentation’, the appropriate time limit within which the assembly of the final audit file is to be completed is ordinarily not more than 60 days from the date of the auditor’s report.

In order to align the time limit for generating UDIN with the aforesaid standards, the ICAI has decided that the time limit for generating UDIN would be 60 days from the date of signing of certificates/reports/documents instead of 15 days.

However, for the documents where the respective Regulator/(s) or other stakeholders require UDIN immediately on signing or within a specified period, the same shall be provided by the member 

For more information, click here.

Regulatory news

XBRL based Compliance filings for Debt Listed Issuers ‒ 15 September 2021

As per Securities and exchange board of India (SEBI) Circular dated 4 June 2021, listed debt issuers are required to submit record date, credit rating, interest payment, redemption payment and default history information disclosures as per the prescribed format.

Now, the Bombay Stock Exchange (BSE) has introduced facility of filing of the same in XBRL mode, wherein a common XBRL taxonomy has been put in place for this purpose. Any other mode of submission shall be treated as non-submission.

For more information, click here.