The weekly messenger | Edition 40.19

Accounting News

ICAI issues ED of Interest Rate Benchmark Reform (Amendments to Ind AS 109 and Ind AS 107) – 10 October 2019

The Accounting Standards Board of the ICAI has issued an Exposure Draft (ED) of ‘Interest Rate Benchmark Reform (Amendments to Ind AS 109 and Ind AS 107)’, wherein it has proposed certain modifications in Ind AS 109 ‘Financial Instruments’ and Ind AS 107 ‘Financial Instruments: Disclosures’ under the following headings:

• Hedge Accounting;

• Effective date and transition.

Comments are to be provided by 8 November 2019.

For more information, click here.

Regulatory News

Companies (Meetings of Board and its Powers) Amendment Rules, 2019 – 11 October 2019

The Central Government (CG) has amended the Companies (Meeting of Board and its Powers) Rules, 2014 with the Companies (Meeting of Board and its Powers) Amendment Rules, 2019, wherein the CG has substituted the words ‘business of financing of companies’ with the words ‘business of financing industrial enterprises’ in sub-rule (2) of Rule 11 ‘Loan and investment by a company under Section 186 of the Act’ which provides the meaning of the expression ‘business of financing industrial enterprises’ (earlier business of financing of companies) .

These Rules shall come into force w.e.f. 11 October 2019.

For more information, click here.

Amendment in Schedule VII of the Companies Act, 2013 – 11 October 2019

The CG has amended the Schedule VII of the Companies Act, 2013 which deals with ‘activities which may be included by Companies in their Corporate Social Responsibility Policies’, wherein the CG has substituted the erstwhile item (ix) of the said schedule with a new item which is as follows:

(ix) Contribution to incubators funded by Central Government or State Government or any agency or Public Sector Undertaking of Central Government or State Government, and contributions to public funded Universities, Indian Institute of Technology (IITs), National Laboratories and Autonomous Bodies (established under the auspices of Indian Council of Agricultural Research (ICAR), Indian Council of Medical Research (ICMR), Council of Scientific and Industrial Research (CSIR), Department of Atomic Energy (DAE), Defence Research and Development Organisation (DRDO), Department of Science and Technology (DST), Ministry of Electronics and Information Technology) engaged in conducting research in science, technology, engineering and medicine aimed at promoting Sustainable Development Goals (SDGs);

For more information, click here.