The weekly messenger | Edition 35.19

Accounting News

FASB Proposes Guidance to Assist in Transition Away from Interbank Offered Rates to New Reference Rates – 5 September 2019

The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU) which would provide temporary optional guidance to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. The proposed guidance would provide optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships affected by reference rate reform.
 
Comments are to be provided by 7 October 2019.
 
For more information, click here. 

Auditing News

Additional FAQs on UDIN – 2 September 2019

The ICAI has issued some more FAQs on UDIN w.r.t. ‘Audit, Assurance & Attest function’, which inter-alia includes:

• Whether UDIN is required for Non-Corporate entities which are not subject to Audit;
• Whether UDIN is required on the attestation of the Examination Form/Mark Sheet/Documents of CA Students;
• Under various Key Fields, the figures pertaining to which date are to be entered for generating UDIN;
• When I would be able to generate UDIN in case of change of mobile number and email ID at SSP Portal;
• Whether UDIN is required while giving consent letter & Certificate pursuant to Section 139 read with relevant rules for appointment as Auditor under the Companies Act, 2013.

For more information, click here.