The weekly messenger | Edition 36.17
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
IASB issues Practice Statement 2 Making Materiality Judgments and publishes ED: Definition of Material – 14 September 2017
The International Accounting Standards Board (IASB) has issued following documents on 14th September 2017:
- IFRS Practice Statement 2: Making Materiality judgements: This statement provides companies with guidance on how to make materiality judgements when preparing their general purpose financial statements in accordance with International Financial Reporting Standards (IFRS).
- Exposure Drafts (ED): Definition of materials (Proposed amendments to IAS 1 and IAS 8): The ED Definition of Material proposes minor amendments to International Accounting Standard (IAS) 1 Presentation of Financial Statements andIAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to clarify the definition and improve understanding of the current requirements w.r.t. the definition of material.
For more information, click here
Auditing News
ED of ICSI Auditing Standards for Public Comments – 8 September 2017
The Institute of Companies Secretaries of India (ICSI) has issued ED on the following Auditing Standards:
- CSAS-1 : Auditing Standard on the Audit Engagement;
- CSAS-2 : Auditing Standard on Audit Process and Documentation;
- CSAS-3 : Auditing Standard on Forming of Opinion; and
- CSAS-4: Auditing Standard on Secretarial Audit.
Comments are to be received by 30 September 2017.
For more information, click here
Regulatory News
Clarification regarding obligation with Ind AS and Rule 4 of Companies Ind AS Rules 2015-Payment banks, Small Finance Banks which are subsidiaries of Corporates – 13 September 2017
The Ministry of Corporate Affairs (MCA) has issued a clarification w.r.t. the applicability of Indian Accounting Standards (Ind AS) on payment banks, small banks which are subsidiaries of companies which are governed by the roadmap issued for corporates by MCA, wherein it has clarified that the payment banks or small finance banks would be governed by the banking sector road map issued by the Reserve Bank of India. However, they would be required to provide the Ind AS financial data to its holding company for the purpose of consolidation.
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Union Cabinet approves doubling of gratuity payment – 12 September 2017
The Union Cabinet has approved the Payment of Gratuity (Amendment) Bill, 2017, which seeks to double tax-free gratuity for private sector and government employees to Rs. 20 lakh from Rs. 10 lakh. The Amendment will increase the maximum limit of gratuity of employees, in the private sector and in Public Sector Undertakings/ Autonomous Organizations under Government who are not covered under CCS (Pension) Rules, at par with Central Government employees.
For more information, click here
Further GST Updates
The Central Board of Excise and Customs has issued various notifications w.r.t. Goods and Services Tax (GST) whose links are as follows:
- For exemption to job workers and interstate taxable suppliers of handicraft goods from obtaining registration under the Integrated GST ACT 2017,click here;
- For extension of time limit for filing of GSTR -6, click here;
- For amendments in the Compensation Cess Rates, click here;
- For extension of time limit for filing of return in Form GSTR-3B for the months of August to December 2017, click here;
- For Central GST (CGST) (Seventh Amendment) Rules 2017, click here;
- For notification regarding Section 51 of CGST Act 2017 for TDS, click here.