The weekly messenger | Edition 35.22

Auditing News

Implementation Guide to Standard on Auditing (SA) 230 Audit Documentation (Revised 2022 Edition) – 15 December 2022

The Auditing and Assurance Standards Board of the ICAI has issued the revised edition of the Implementation Guide to ‘SA 230 Audit Documentation’, which provides practical guidance on implementation of the principles laid down in the aforesaid standards. The Implementation Guide contains:

• Introduction and Overview

• Frequently Asked Questions

• Illustrative Checklist

• Illustrative Working Paper Format

For more information, click here.

Regulatory News

RBI (Financial Statements – Presentation and Disclosures) Directions, 2021 – Disclosure of material items – 13 December 2022

The Reserve Bank of India (RBI) has made the following modifications to its existing RBI (Financial Statements – Presentation and Disclosures) Directions, 2021:

• In order to ensure greater transparency, the Commercial Banks have been asked to disclose the particulars of all such items in the notes to accounts wherever any item under the Schedule 5(IV)-Other Liabilities and Provisions – ‘Others (including provisions)’ or Schedule 11(VI) - Other Assets – ‘Others’ exceeds one per cent of the total assets.

• Further, Payments Banks are also required to disclose the particulars of all such items in the notes to accounts, wherever any item under the Schedule 14(I)-Other Income – ‘Commission, Exchange and Brokerage’ exceeds one per cent of the total income.

These instructions shall come into effect for disclosures in the notes to the annual financial statements for the year ending 31 March 2023 and onwards.

For more information, click here.

IRDAI (Registration of Indian Insurance Companies) Regulations 2022 – 6 December 2022

To promote the growth of insurance sector by simplifying the process of registration of Indian insurance companies and to promote ease of doing business, the Insurance Regulatory and Development Authority of India (IRDAI) has issued the IRDAI (Registration of Indian Insurance Companies) Regulations, 2022.

These Regulations shall come into force w.e.f. 10 December 2022 and shall remain in force for a period of three years thereafter unless reviewed or repealed earlier.

For more information, click here.

IRDAI (Other Forms of Capital) Regulations, 2022 – 14 December 2022

To provide for effective regulatory framework for issuance of Other Forms of Capital by Insurers other than a Foreign Re-insurer’s Branch and to specify minimum reporting and disclosure norms, the IRDAI has also issued the IRDAI (Other Forms of Capital) Regulations, 2022.

These Regulations shall be in force for a period of 3 years from the date of their publication in the

Official Gazette i.e., 13 December 2022, unless reviewed or amended earlier.

Further, these Regulations will also supersede the erstwhile IRDAI (Other Forms of Capital) Regulations, 2015.

For more information, click here.