The weekly messenger | Edition 33.17

Accounting News

Consultation Paper on Accounting for Revenue and Non- Exchange Expenditure- 22 August 2017

The International Public Sector Accounting Standards Board (IPSASB) has developed and approved a Consultation paper on Accounting for Revenue and Non- Exchange Expenses. The objective of issuing this consultation paper is to address certain issues such as: 

• The operationalization of the exchange versus non-exchange distinction and the value of that distinction;
• The gap in the current IPSASB literature on accounting for non-exchange expenses which may lead to ambiguity and inconsistency of accounting policies in a highly significant area of expenditure;
• Application issues with IPSAS 23, Revenue from Non-Exchange Transactions (Taxes and Transfers); and
• Convergence with International Accounting Standards Board literature, which has diminished with the publication of International Financial Reporting Standard 15, Revenue from Contracts with Customers excluding social benefits. 

Comments to be received by 15 January 2018.
 
For more information, click here 

ED on Financial Instruments- 24 August 2017

The IPSASB has issued an Exposure Draft (ED) on Financial Instruments i.e. ED 62 in order to improve public sector reporting on financial instruments. The objective of this ED is to propose improvements to the relevance, representativeness and comparability of the information that a reporting entity provides in its financial statements about a financial instruments and their effects.
 
Comments are to be received by 31 December 2017.

For Exposure Draft, click here 

Regulatory News

Revised Secretarial Standards on Meetings of the Board of Directors and General Meetings – 22 August 2017

The Institute of Company Secretary of India has revised the Secretarial Standards (SS) i.e. SS-I “Meetings of Board of Directors” and SS-2 “General Meetings”, thereby superseding the earlier versions of SS-l and SS-2. These standards shall be applicable for compliance by all the companies (except the exempted class of companies) w.e.f. 1 October 2017.

For more information, click here 

National Company Law Appellate Tribunal (Amendment) Rules 2017- 23 August 2017

The Central Government (CG) has amended the National Company Law Appellate Tribunal Rules, 2016 with National Company Law Appellate Tribunal (Amendment) Rules 2017, wherein certain procedural changes have been made in Rule 63 “Appearance of authorised representative”.
 
These Rules shall come into force on the date of its publication in the Official Gazette i.e. 23 August 2017.
 
For more information, click here

Companies (Arrests in connection with investigation by SFIO) Rules 2017- 24 August 2017

The CG has notified the rules pertaining to the arrests in connection with Investigation by the SFIO by the name of the Companies (Arrests in connection with investigation by SFIO) Rules 2017.
 
These Rules shall come into force on the date of its publication in the Official Gazette.
 
For more information, click here

The Banking Regulation (Amendment) Act 2017 – 25 August 2017

The Banking Regulation Act 1949 has been amended by the Banking Regulation (Amendment) Act 2017 wherein certain new sections have been added which are as follows: 

• Section 35AA “Power of CG to authorise Reserve Bank for issuing directions to banking companies to initiate insolvency resolution process;
• Section 35AB “Power of Reserve Bank to issue directions in respect of stressed assets.

This Act shall be deemed to have come into force w.e.f. 4 May 2017.
 
For more information, click here.

Income Tax 22nd Amendment Rules, 2017- 18 August 2017

The Central Board of Direct Taxes has amended the Income-tax Rules, 1962 with the Income-tax (22nd Amendment), Rules, 2017, in which it has made the following amendments: 

• in the proviso given under sub rule (2) of Rule 12 “Return of income and return of fringe benefits” , after the words, figures and letters “Section 115JB”, the words, figures and letters “Section 115JC” shall be inserted;
• in Appendix II, the old form 29 B i.e. with respect to reporting under section 115JB of the Income-tax Act, 1961 for the purpose of computing the book profits of the company has been replaced by a new form No. 29B. 

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 amendments in relation to the date and conditions for furnishing of GSTR Form 3B, update 1;
• For notifications related to amendment in Central Tax (Rates), update 2; update 3; update 4; update 5;
• For notifications related to amendment in Integrated Tax (Rate), update 6; update 7; update 8; update 9;
• For notification related to Union Territory Tax (Rate), update 10; update 11; update 12; update 13;
• For applicability of GST on selling of space on advertisement in print media, update 14;
• For Central GST (Extension to Jammu and Kashmir) Act, 2017, update 15;
• For Integrated GST (Extension to Jammu and Kashmir) Act, 2017, update 16

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