The weekly messenger | Edition 13.18

Accounting News

SEC accepts 2018 GAAP Financial Reporting Taxonomy – 19 March 2018

The Financial Accounting Standard Board has announced that the Securities and Exchange Commission (SEC) has accepted the 2018 U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy and SEC Reporting Taxonomy. The 2018 U.S. GAAP Financial Reporting Taxonomy reflects updates for accounting standards and other recommended improvements.

For more information, click here.

Regulatory News

The NFRA (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018- 21 March 2018

The CG has made the NFRA (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018 which inter-alia includes the following:

• Definitions;
• Composition of Authority;
• Manner of Appointment;
• Resignation;
• Procedure for inquiry for misbehaviour or incapacity of the chairperson or a member;
• Term of office;
• Vacancy;
• Sitting fee and allowances of Part-time Members etc.

These rules shall come into force from their date of publication in the Official Gazette, i.e. 21 March 2018.
For more information, click here.

Commencement notification regarding Section 132(3) and 132(11) of the Companies Act 2013- 21 March 2018

The Central Government (CG) has appointed 21 March 2018 as the date on which the sections 132(3) which relates to ‘Manner and appointment of chairperson and other members of National Financial Reporting Authority (NFRA)’ and 132(11) which deals with the ‘Appointment of secretary and other employees of NFRA by the CG’, of the Companies Act, 2013 shall come into force.

For more Information, click here.

Companies (Incorporation) Second Amendment Rules, 2018 – 23 March 2018

The CG has amended the Companies (Incorporation) Rules, 2014 with the Companies (Incorporation) Second Amendment Rules, 2018 wherein it has substituted Rule 9 ‘Reservation of Name’ of the principle rules with a new Rule. Earlier, under the existing Rule 9, it was written that “An application for reservation of name shall be made through the web services available at www.mca.gov.inby using Reserve Unique Name (RUN) along with prescribed fees which may be either be approved or rejected by the Registrar”. Now, the CG has amended this rule wherein it has mentioned that the CG would approve or reject the form RUN after allowing re-submission of such application within fifteen days for rectification of the defects, if any. Also, the form RUN has also been substituted with a new form.
These rules shall come into force on the date of their publication in the Official Gazette.

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. the due dates for filing FORM GSTR-3B for the months of April to June, 2018, click here.
• For information w.r.t. the date from which E-Way Bill Rules shall come into force, click here.
• For Central GST (CGST) (Third Amendment) Rules, 2018, click here.
• For information w.r.t. exemption regarding payment of tax under section 9(4) of the CGST Act, 2017 till 30.06.2018, click here.
• For information w.r.t. exemption regarding payment of tax under section 5(4) of the Integrated GST Act, 2017 till 30.06.2018, click here.
• For information w.r.t exemption regarding payment of tax under section 7(4) of the Union Territory GST Act, 2017 till 30.06.2018, click here.