The weekly messenger | Edition 31.17
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
FASB proposes changes to grant and contribution accounting – 3 August 2017
The Financial Accounting Standards Board (FASB) has issued the proposed update to clarify and improve the scope and the accounting guidance for contributions received and contributions made. The amendments in this proposed update would assist entities in:
- Evaluating whether transactions should be accounted for as contributions (nonreciprocal transactions) within the scope of Topic 958, Not-for-Profit Entities, or as exchange (reciprocal) transactions subject to other guidance; and
- Distinguishing between conditional contributions and unconditional contributions.
Comments are to be received by 1 November 2017.
For more information, click here
Regulatory News
Draft Companies (Cost Records and Audit) Amendment Rules, 2017 - 11 August 2017
The Ministry of Corporate Affairs has placed draft Companies (Cost Records and Audit) Amendment Rules, 2017 on its website on 11 August 2017 for the purpose of inviting the suggestions/comments on the said rules along with brief justifications. The main purpose of amending these rules is to bring parity between the financial records and the cost records pursuant to the Ind AS implementation.
The suggestions/comments are to be received by 26 August 2017.
For draft rules, click here;
For notice inviting comments, click here.
Further GST Updates
The Central Board of Excise and Customs has issued certain notifications w.r.t. Goods and Services Tax (GST) whose links are as follows:
- For extension of time limit for furnishing return in GSTR-1, click here;
- For extension of time limit for furnishing return in GSTR-2, click here;
- For extension of time limit for furnishing return in GSTR – 3, click here;
- For time limit for furnishing return in GSTR – 3B, click here.