The weekly messenger | Edition 48.17
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 annual improvements to IFRS Standards – 12 December 2017
The International Accounting Standard Board (IASB) has issued annual improvements to International Financial Reporting Standard (IFRS) Standards 2015-2017 cycle, which makes narrow – scope amendments to four IFRS Standards namely:
IFRS 3 – Business Combinations;
IFRS 11 – Joint Arrangements;
IAS 12 – Income Taxes; and
IAS 23 – Borrowing Cost.
These amendments would become effective from 1 January 2019, however, early application is permitted.
For more information, click here.
Q&A guidance published on accounting for the issue of financial guarantee contracts under the IFRS for SME’s Standard – 14 December 2017
The IFRS Foundation has published guidance on the IFRS for Small or Medium Enterprises (SME’s) Standard in the form of Question and Answer (Q&A) developed by the SME Implementation Group (SMEIG) following public consultation. The purpose of this guidance is to advise how an issuer should account for financial guarantee contracts.
For more information, click here.
IFRS Foundation publishes IFRS Taxonomy guide for companies – 14 December 2017
The IFRS Foundation has published a guide for companies using the IFRS Taxonomy which explains how to tag information in financial statements prepared in accordance with IFRS Standards. The IFRS Taxonomy facilitates the digital creation and consumption of financial information and it also improves investor’s access to financial information by listing and defining specific codes, or elements, that can be used to tag items of data.
For more Information, click here.
Auditing News
ED of the GN on Audit of Banks (2018 edition) - 14 December 2017
The Auditing and Assurance Standard Board of the Institute of Chartered Accountants of India has issued an exposure draft (ED) on the Guidance note (GN) on Audit of Banks 2018 edition.
Comments are to be received by 13 January 2018.
For more information, click here.
Regulatory News
Working Group on new standard on Insurance Contracts (equivalent to IFRS 17) – 13 December 2017
The Insurance Regulatory and Development Authority of India (‘the authority’) had constituted a Working Group on new standard equivalent to IFRS 17- Insurance Contracts of the IASB, vide its order dated 21.08.2017 which was an initial step towards the early adoption of the new standard in the Insurance sector. The working group was advised to furnish its recommendations based on the specified terms of reference, within three months. The Group now after considering the complexities, new concepts involved in the IFRS 17 and the magnitude of the impact of implementation of the new standard on the insurance industry feels that a detailed study is required before actually implementing the new standard. Therefore, in order to enable a more detailed examination of the provisions contained in the IFRS 17 by the working group, the Authority has decided to grant extention of the time limit for review of the new standard (IFRS 17) up to 30th June, 2018, as requested by the working group.
For more information, click here.
Extension of due date of deposit of TDS/ TCS - 2017 – 13 December 2017
In order to redress genuine hardship faced by taxpayers/deductors, due to technical issues faced by National Securities Depository Limited (NSDL’s) gateway for e-payment of tax on 7 November 2017, the Central Board of Direct Taxes has extended the due date of deposit of tax deducted at source (TDS)/ tax collected at source (TCS) for the month of October from 7 November 2017 to 8 November 2017.
For more information, click here.
BSE to file proceedings against defaulting listed companies under Insolvency and Bankruptcy Code, 2016 - 12 December 2017
The Bombay Stock Exchange (BSE) is to file proceedings against certain listed entities who have defaulted in payment of Annual Listing Fees under the Insolvency and Bankruptcy Code, 2016.
For more information, click here.
ICAI releases ED for CAS-4- Revised in replacement of existing CAS-4 – 15 December 2017
The Cost Accounting Standard Board of the Institute of Cost Accountants of India (formerly known as ICWAI) has released the ED for Cost Accounting Standard (CAS) – 4 (Revised 2017) on Cost of Production or Cost of Acquisition of Goods or Cost of Provision of Services, replacing the existing CAS-4.
Comments are to be received by 16 January 2018.
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 w.r.t. filing of Form TRAN -1 to avail Input tax credit, click here.
For information w.r.t export of IT/ITES service, click here.
For information w.r.t Interstate E-way Bill, click here.