The weekly messenger | Edition 32.17
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
Educational Material on Ind AS 16, PPE – 14 August 2017
The Institute of Chartered Accountant of India has issued an educational material on Indian Accounting Standard (Ind AS) 16, Property, Plant and Equipment (PPE) in order to provide guidance on the accounting for the expenditures incurred on PPE and its disclosures. The material inter-alia includes the following topics:
- Summary of Ind AS 16;
- Frequently Asked Questions;
- Differences between Ind AS 16 and AS 10
For more information, click here.
Regulatory News
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2017- 16 August 2017
The Insolvency and Bankruptcy Board of India has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 with the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2017, wherein the following changes have been made:
- a new regulation i.e. “Regulation 9A. Claims by other creditors” has been inserted;
- a paragraph has been modified in Form A; and
- a new form i.e. “Form F” has been inserted.
For more information, click here.
Further GST Updates
The Central Board of Excise and Customs has issued certain updates w.r.t. Goods and Services Tax (GST) whose links are as follows:
- For approval of Cabinet regarding the scheme of Budgetary Support to the eligible units located in States of Jammu & Kashmir, Uttarakhand, Himachal Pradesh and North Eastern States including Sikkim, click here;
- For Central GST (CGST) (Fifth Amendment) Rules, 2017, click here;
- For date and conditions for furnishing of GSTR Form 3B, click here;
- For amendment in CGST rates, click here;
- For amendment in Union Territory GST rates, click here;
- For amendment in Integrated GST rates, click here;
- For clarification regarding availability of Transitional Credit for GST, click here;
For last date for payment of GST & Filing of return, click here.