The weekly messenger | Edition 16.16
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
ED on Amendments to IND AS 7, Statement of Cash Flows – 3 November 2016
The Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI) has issued a exposure draft (ED) of proposed changes in Indian Accounting Standard (Ind AS) 7, Statement of Cash Flow for comments which basically relates to the disclosures by the entity in order to enable the users of the financial statements to evaluate changes in liabilities arising from the financing activities i.e. changes arising from both cash flows and non-cash changes. Further, it mentions that the entities applying these amendments for the first time are not required to provide comparative information for the previous years.
Comments to be received by 2 December 2016
For more information, click here
FAQs on Elaboration of Terms ‘infrequent number of sales’ or ‘insignificant in value’ used in Ind AS 109 – 3 November 2016
ICAI has issued one frequently asked questions (FAQ) elaborating the meaning of the terms ‘infrequent number of sales’ or ‘insignificant in value’ used in Ind AS 109.
For FAQs, click here
FAQs regarding Dividend Distribution Tax – 3 November 2016
ASB of ICAI has issued one FAQ, clarifying as to how to disclose dividend and dividend distribution tax in the financial statement under various circumstances where the financial instruments issued are classified as equity or if these are compound financial instruments and bifurcated into debt and equity.
For FAQs, click here
FASB proposes new guidance for service concession arrangements – 4 November 2016
The Financial Accounting Standards Board (FASB) has proposed a new guidance that is basically designed to eliminate diverse practices adopted by the operating entities to determine as to who is a customer in service concession arrangements.
Comments to be received by 6 January 2017.
For more information click here
Auditing News
GN on Report under section 92E of the Income Tax Act, 1961-2 November 2016
ICAI has issued the revised edition of Guidance Note (GN) on Report under section 92 E of the Income Tax Act, 1961 in which various changes or developments that have taken place in the law have been incorporated such as notification of safe harbor rules in respect of arm’s length price under section 92C or section 92CA; notification of provisions/rules for roll back mechanism; range concept and use of multiple year data for determination of arm’s length price; increased threshold limit for the applicability of the specified domestic transaction etc.
For more information click here
Regulatory News
Deferred Payment of Import Duty Rules, 2016 introduced-2 November 2016
The Central Government (CG) has made the new rules to be known as the Deferred Payment of Import Duty Rules, 2016 under the Custom Act, 1962 which shall come into force from 16 November 2016.These rules inter-alia includes:
- Definitions
- Applicability of these rules
- Information to be provided for availing the benefit of notification
- Payment of duty
- Manner of payment
- Deferred payment of duty not applicable in certain cases
- Exemption in respect of certain goods
For more information click here