The weekly messenger | Edition 34.17
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 makes targeted improvements to hedge accounting requirements - 28 August 2017
The Financial Accounting Standards Board (FASB) has issued an Accounting Standard Update (ASU) on targeted improvements to accounting for hedging activities. The purpose of issuing this update is to:
(i) improve the transparency of information about an entity’s risk management activities and
(ii) simplify the application of hedge accounting.
For more information, click here.
Regulatory News
Commencement Date of sub-sections 8 to 10 of Section 212 of the Companies Act, 2013- 24 August 2017
The Central Government (CG) has appointed 24 August 2017 as the date on which provisions of sub-section 8, 9 and 10 of section 212 of the Act shall come into force.
For more information, click here.
Designation of Special Court – 31 August 2017
The Central Government with the concurrence of the Chief Justice of the High Court of Judicature at Patna, has designated “Court of Additional District and Sessions” as the Special Court for the State of Bihar for the purposes of providing speedy trial of offences punishable with imprisonment of two years or more under section 435(1) of the Companies Act, 2013.
For more information, click here.
SEBI (ICDR) Regulations, 2009 [updated as on 14 August 2017] – 1 September 2017
SEBI has recently updated and issued SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, which is updated as on August 14, 2017.
For more information, click here.
ED of Revised GN on Report under Section 92E of the IT Act, 1961 (TP) – 1 September 2017
The Institute of Chartered Accountants of India has issued an Exposure Draft (ED) of Revised Guidance Note (GN) on Report under Section 92E of the Income Tax (IT) Act, 1961 (Transfer Pricing (TP)) based on the amendments made by the Finance Act 2017.
Comments are to be received by 11 September 2017.
For more information, click here.
Extension of the Due Date for filing Income Tax Returns and Tax Audit Reports- 31 August 2017
The Central Board of Direct Taxes has extended the due date prescribed for filing for the return of income as well as various reports of audit prescribed under the Income-tax Act which are required to be filed by 30 September 2017 to 31 October 2017, so as to facilitate the ease of compliance with statutory responsibilities under various fiscal laws.
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 extension of time period for filing details for the month of July, click here;
- For extension of time period for filing details in Form GSTR-6 for the month of July & August, click here;
- For CGST (Sixth Amendment) Rules, 2017, click here;
- For maximum rate at which GST Compensation Cess may be collected, click here.
- For waiver of late fees payable under section 47, click here
- For system based reconciliation of information furnished in Form GSTR-1 and Form GSTR-2 with Form GSTR- 3B, click here.