The weekly messenger | Edition 44.19
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
FASB issues Narrow – Scope Improvements to Credit Losses Standard – 26 November 2019
The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) – ‘Codification Improvements to Topic 326, Financial Instruments – Credit Losses’ , wherein the ASU has amended certain aspects of the FASB’s guidance on credit losses and clarified how entities should report ‘expected recoveries’, which can occur after an entity has written off a portion, or all, of a financial asset and then later believes some or all of the amount will be recovered. In addition, the ASU has also reinforced the existing guidance that prohibits organisations from recording negative allowances for available – for – sale debt securities.
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Auditing News
Report on Audit Quality Review (2018-19) of the Quality Review Board – 29 November 2019
The Quality Review Board of the ICAI has issued a Report on Audit Quality Review (2018-19), which comprises of the key audit findings, its analysis and summary of the observations made by the reviewers in respect of the audit quality reviews conducted during the FY 2018-19 with respect to the financial statements for the year ended on 31 March 2014, 31 March 2015 and 31 March 2016.
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Regulatory News
Corrigendum to Amendment of Schedule VII of the Companies Act, 2013 – 19 November 2019
The Ministry of Corporate Affairs (MCA) has issued a corrigendum to amendment in Schedule VII ‘Activities which may be included by companies in their Corporate Social Responsibility Policies’ to the Companies Act, 2013, wherein in clause (ix) of the said Schedule, the MCA has substituted the words ‘Defence Research and Development Organisation (DRDO)’ with the words ‘Defence Research and Development Organisation (DRDO), Department of Biotechnology (DBT)’.
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Extension of last date of filing NFRA-2 – 27 November 2019
The MCA has extended the due date of filing of e-form NFRA 2 ‘Annual Return To Be Filed By Auditor with the National Financial Reporting Authority’ from 30 November 2019 to 90 days from the date of deployment of the said form on NFRA website.
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Extension of last date of filing Form PAS – 6 – 28 November 2019
The MCA has also extended the time limit for filing the Form PAS – 6 ‘Reconciliation of Share Capital Audit Report (Half-yearly)’ for the half – year ended on 30 September 2019 from sixty days from the conclusion of each half year to sixty days from the date of deployment of the aforesaid form on the website of the Ministry.
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