The weekly messenger | Edition 32.20
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
Release of New Compendium of Ind AS as on 1 April 2020 – 25 August 2020
Pursuant to the various amendments being made in the Ind ASs by the Ministry of Corporate Affairs (MCA) vide Companies (Ind AS) Amendment Rules, 2020, the ICAI has issued its new compendium of Ind AS, which contains updated Ind ASs as applicable for accounting period beginning 1 April 2020.
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Conceptual Framework for Financial Reporting under Ind AS applicable for Standard-setting Activity from accounting periods beginning from 1 April 2020 and for the preparers of financial statements from a future date – 28 August 2020
The ICAI has released the ‘Conceptual Framework for Financial Reporting under Ind AS’, which shall be applicable from 1 April 2020, for standard-setting activity. However, the applicability of the same for the preparers of financial statements will be notified separately, when consequential amendments to Ind ASs arising from this New Conceptual Framework will be notified following the due process under Section 133 of the Companies Act, 2013.
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Regulatory News
Companies (Management and Administration) Amendment Rules, 2020 – 28 August 2020
The Central Government (CG) has issued the Companies (Management and Administration) Amendment Rules, 2020, wherein in sub-rule (1) of Rule 12 ‘Extract of Annual Return’, a proviso has been added, which states that a company shall not be required to attach the extract of the annual return with the Board’s Report in Form No. MGT 9, in case the web link of such annual return has been disclosed in the Board’s Report as per Section 92(3) of the Companies Act, 2013.
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Commencement Notification dated 28.08.2020 – 28 August 2020
The CG has notified that the provisions of clause (ii) of Section 23 of the Companies (Amendment) Act, 2017 i.e. Amendment to sub-section (3) of Section 92 ‘Annual Return’ of the Companies Act 2013 shall come into force 28 August 2020.
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