The weekly messenger | Edition 45.17
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
IFAC publishes New Roadmap Guide to Developing ICT – 13 November 2017
The International Federation of Accountants (IFAC) has published a new roadmap guide to developing information and communication technology (ICT) under the IFAC Professional Accountancy Organization (PAO) Capacity Building Program. The purpose of this publication is to enable PAOs to develop ICT roadmaps that meet the individual needs of each PAO based on their infrastructure, level of development, regulatory obligations, and number of stakeholders, as well as consider external and environmental factors that may impact ICT planning.
For more information, click here.
Auditing News
Report on Audit Quality Review (2016-17) of the Quality Review Board – 14 November 2017
The Quality Review Board of the Institute of Chartered Accountants of India (ICAI) has issued the Report on Audit Quality Review for the audit assignments conducted between the periods 2012 to 2015. Quality review is a review which is directed towards evaluation of audit quality and adherence to various statutory and other regulatory requirements. It involves assessment of the work of auditors while carrying out their audit function so that Board is able to assess:
- the quality of audit and reporting by the Statutory Auditors; and
- the quality control framework adopted by the Statutory Auditors/ audit firms in conducting the audit.
This report includes the key findings, its analysis and summary of the observations made by the reviewers in the various review reports reviewed by them.
For more information, click here.
Regulatory News
FAQs on ethical issues relating to GST – 16 November 2017
The ICAI has issued certain clarifications with respect to the ethical issues related to Goods and Services Tax (GST) in the form of Frequently Asked Questions (FAQs).
For FAQs, click here.
Constitution of Insolvency Law Committee- 16 November 2017
The Government has constituted an Insolvency Law Committee. The purpose of this Committee is to monitor the functioning and implementation of the Code, identify the issues that may impact the efficiency of the corporate insolvency resolution and liquidation framework prescribed under the Code and make suitable recommendations to address such issues, enhance efficiency of the processes prescribed and for effective implementation of the Code.
For more information, click here
Circular on Review of SLB Mechanism- 17 November 2017
The Securities and Exchange Board of India has revised the Securities Lending and Borrowing (SLB) framework based on the feedback received from the stock exchange, other market participants and consultation with the Secondary Market Advisory Committee (SMAC).Following is the list of the areas in the SLB framework which have undergone changes:
- Tenure of the contract;
- Position Limit in SLB;
- Treatment of corporate actions during SLB;
- Rollover Facility.
For more information, click here.
Further GST Updates
The Central Board of excise and Customs has issued certain updates w.r.t. GST whose links are as follows:
- For clarification on accepting Unique Identification Number (UIN) of Foreign Diplomatic Missions / UNO while making sales or supplies, click here;
- For notifications related to amendment in Central Tax , update 1; update 2, update 3, update 4, update 5, update 6, update 7, update 8, update 9;
- For notifications related to amendment in Integrated Tax, update 1, update 2, update 3, update 4, update 5, update 6, update 7;
- For notifications related to amendment in Union Territory Tax, update 1, update 2, update 3, update 4, update 5, update 6, update 7;
- For information on GST Rate Changes on 178 items where rate has been brought down from 28% to 18%, click here;
- For information w.r.t. the limit on maximum late fee payable for delayed filing of return in FORM GSTR-3B from October, 2017 onwards, click here;
- For information w.r.t. extension of the due date for submission of details in FORM GST-ITC-04, click here;
- For information w.r.t. extension of the time limit for furnishing the return in FORM GSTR-6 for the month of July, 2017, click here;
- For information w.r.t. extension of the time limit for furnishing the return in FORM GSTR-5A for the months of July to October2017,click here;
- For information w.r.t. extension of the time limit for furnishing the return in FORM GSTR-5, for the months of July to October, 2017, click here;
- For information w.r.t. extension of the time limit for filing of FORM GSTR-4, click here;
- For information w.r.t. extension of the due dates for the furnishing of FORM GSTR-1 for those taxpayers with aggregate turnover of more than Rs.1.5 crores, click here;
- For information w.r.t. quarterly furnishing of FORM GSTR-1 for those taxpayers with aggregate turnover of upto Rs.1.5 crore, click here;
- For information w.r.t. mandate the furnishing of return in FORM GSTR-3B till March, 2018, click here;
- For Central GST (CGST) (Twelfth Amendment) Rules, 2017, click here;
- For Integrated GST (IGST) Amendment Rules 2017, click here;
- For information w.r.t. extension of the due date for submitting FORM GST TRAN-1, click here;
- For information w.r.t. extension of the due date for revision of FORM GST TRAN-1, click here;
- For Clarification regarding applicability of GST and availability of ITC in respect of certain services, click here;
- For more information on Manual filing and processing of refund claims in respect of zero-rated supplies, click here;
- For information w.r.t. CBEC Press release – After GST changes, click here;
- For information w.r.t. Refund of unutilized input tax credit of GST paid on inputs in respect of exporters of fabrics, click here;
- For IGST Amended Rules, 2017 updated as on 15 November 2017, click here;
- For CGST Rules, 2017 updated as on 15 November 2017, click here.