The weekly messenger | Edition 48.18

Accounting News

Issue 17 of the Investor Update published - 27 November 2018

The International Accounting Standard Board has issued the Issue 17 of its ‘Investor Update’, containing the changes in the International Financial Reporting Standards (IFRS) which may affect the investors. The aforesaid issue contains the following:

• Spotlight—Financial Instruments with Characteristics of Equity project;
• Spotlight—IFRS 9 & 15 implementation update;
• View sought on workplan topics;
• Stay up to date – announcements.

For more information, click here.

Auditing News

Standards on Internal Audit as issued by the ICAI - 27 November 2018

The Internal Audit Standard Board of the Institute of Chartered Accountants of India (ICAI) has issued various Standards on Internal Audit (SIAs), which prescribes the minimum requirements for ICAI members conducting internal audit of an entity/company. These SIAs would be applicable for all internal audits beginning on or after a date which is yet to be notified by the Council of the ICAI.
 
For more information, click here.

 
The ICAI has issued the ‘Implementation Guide on Resignation/Withdrawal from an Engagement to Perform Audit of Financial Statements’, which provides guidance about circumstances leading to withdrawal/resignation from an existing engagement, auditor’s responsibilities and professional obligations to be complied with by an auditor in resigning or withdrawing from an engagement to audit financial statements. The Implementation Guide would be applicable in case of audits of all listed entities. Moreover, in case of audits of banks, insurance companies and other corporate entities, the guidance given in this Implementation Guide be also followed, as applicable.
 
For more information, click here.

 
The Auditing and Assurance Standards Board of the ICAI, basis the directions of the Council of ICAI has decided to issue separate set of standards for audits of smaller and less complex entities, wherein it has issued the first exposure draft (ED) on Standard on Auditing for Audits of Smaller and Less Complex Entities (SASE) 200 ‘Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with SASE’.
 
Comments are to be received by 17 January 2019.
 
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Regulatory News

Charted Accountants need not to be a Graduate to become a Registered Valuer -26 November 2018

The ICAI has issued a press release wherein, it has provided a clarification, which states that now a non-graduate chartered accountant having three years of experience can become a registered valuer as against the earlier requirement, wherein he was required to be a graduate in addition to having three years of post-qualification experience in order to become a valuer.
 
For more information, click here.

Re-Constitution of High-Level Committee on CSR - 2018 (HLC-2018) - 22 November 2018

 
The Ministry of Corporate Affairs, pursuant to orders of Hon’ble Minister for Corporate Affairs and in supersession of earlier Office order dated 11.10.2018, has re-constituted High-Level Committee on Corporate Social Responsibility (CSR) -2018 (HLC-2018), in order to review the existing framework and guide and formulate the roadmap for a coherent policy on CSR.
 
For more information, click here.
 

The Reserve Bank of India, in consultation with the Government of India has decided to reduce the mandatory hedge coverage from 100 per cent to 70 per cent for External Commercial Borrowings (ECBs) raised under Track I of the ECB framework by eligible borrowers for a maturity period between 3 and 5 years. Further, it has also been clarified that ECBs falling under the revised criteria but raised prior to the date of this announcement will be required to mandatorily roll-over their existing hedge(s) only to the extent of 70 per cent of outstanding ECB exposure.
 
For more information, click here.

 
The Central Board of Indirect Taxes and Customs has issued certain updates w.r.t. Goods and Services Tax (GST) whose links are as follows: 

• For more information w.r.t extension of due date of filling GST returns, click here;
• For more information w.r.t extension of due date for filing of FORM GSTR – 7 for the months of October, 2018 to December, 2018, click here;
• For more information w.r.t extension of due date for filing of FORM GSTR - 4 for the quarter July to September, 2018 for taxpayers in Srikakulam district of Andhra Pradesh, click here;
• For more information w.r.t extension of due date for filing of FORM GSTR - 1 for taxpayers having aggregate turnover up to Rs 1.5 crores for the quarter from July, 2018 to September, 2018 for taxpayers in Srikakulam district of Andhra Pradesh, click here;
• For more information w.r.t extension of due date for filing of FORM GSTR - 1 for taxpayers having aggregate turnover above Rs 1.5 crores for taxpayers in Srikakulam district in Andhra Pradesh and 11 districts of Tamil Nadu, click here; and

For more information w.r.t extension of last date for filing of FORM GSTR-3B for taxpayers in Srikakulam district of Andhra Pradesh and 11 districts of Tamil Nadu, click here.