The weekly messenger | Edition 44.17
This newsletter is a weekly compilation of accounting, auditing and related regulatory news from different accounting and regulatory bodies in India and overseas.
Regulatory News
Companies (Filing of Documents and Forms in XBRL) Amendment Rules, 2017 – 6 November 2017
The Central Government (CG) has amended the Companies (Filing of Documents and Forms in Extensible Business Reporting Language (XBRL)) Rules, 2015 with the Companies (Filing of Documents and Forms in XBRL) Amendment Rules, 2017 wherein it has made certain modifications w.r.t. the class of companies which are required to file their financial statements and other documents u/s 137 of the Companies Act 2013 with the Registrar in e-form AOC-4 XBRL given in Annexure-I which has been now substituted with a new Annexure I. It has further clarified that companies preparing their financial statements under the Companies (Accounting Standards) Rules, 2006 shall file the statements using the Taxonomy provided in Annexure-II and the companies preparing their financial statements under the Companies (Indian Accounting Standards) Rules, 2015 shall file the statements using the Taxonomy provided in Annexure – II A. Further, these rules have also excluded the power sector companies from the exempted category of companies which means that now such companies would be required to file their financial statements as per the aforesaid rules.
These rules shall come into force from the date of their publication in the Official Gazette i.e. 6 November 2017.
For more information, click here
Companies (Accounts) Amendment Rules, 2017 – 7 November 2017
The CG has amended the Companies (Accounts) Rules, 2014 with the Companies (Accounts) Amendment Rules, 2017 wherein it has substituted the existing Form AOC – 4 with a new Form AOC -4.
These rules shall come into force from the date of their publication in the Official Gazette i.e. 7 November 2017.
For more information, click here
IBBI strengthens its Due Diligence Framework under the Insolvency and Bankruptcy Code, 2016 – 7 November 2017
The Insolvency and Bankruptcy Board of India (IBBI) has amended its Corporate Insolvency Resolution Process Regulations to ensure that as part of due diligence, prior to approval of a Resolution Plan, the antecedents, credit worthiness and credibility of a Resolution Applicant, including promoters, are taken into account by the Committee of Creditors. Now, with a view to ensure that the Corporate Insolvency Resolution Process results in a credible and viable Resolution Plan, the IBBI has carried-out amendments to the IBBI (Insolvency Resolution Process for Corporate Persons) Resolution Process, 2016 (CIRP Regulations).
For more information, click here
The Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 – 8 November 2017
The Insurance Regulatory and Development Authority of India has reiterated the fact that linking of Aadhaar number to Insurance Policies is mandatory together with other things as mentioned in the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 notified on 1 June 2017.
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 information on the due date for generation of FORM GSTR-2A and FORM GSTR-1A in accordance with the extension of due date for filing FORM GSTR-1 and FORM GSTR-2 respectively, click here;
- For information on the procedure regarding procurement of supplies of goods from DTA by (EOU)/(EHTP Unit /STP Unit/BTP Unit, click here;
- For information on recommendations made by GST Council in 23rd Meeting at Guwahati, click here;
- For information on press release on GST rate changes, click here;
- For information on changes in recommendation in Composition Scheme, click here.