The weekly messenger | Edition 16.19

Accounting News

ED of AS 34, Interim Financial Reporting – 12 April 2019
 
The Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI), as an initiative to upgrade the existing Accounting Standards (AS) and to bring them nearer to the Indian Accounting Standard (Ind AS) has been issuing the Exposure Drafts (EDs) of various ASs, basis their corresponding Ind ASs. Recently, the ASB has issued the ED of AS 34 ‘Interim Financial Reporting’ which would be applicable to non - Ind AS compliant companies having net worth of less than 250 crore. 
 
Comments are to be provided by 12 May 2019.
 
For more information, click here.

Auditing News

ICAI issues publication on FAQs on Valuation – 9 April 2019
 
The Valuation Standards Board of the ICAI and the ICAI’s Registered Valuers Organisation has issued a publication on the ‘Frequently Asked Questions (FAQs) on Valuation’. The purpose of issuing this publication is to provide conceptual clarity on the various aspects of Valuation.
 
For more information, click here.

FAQs on UDIN for GST & Tax Audit – 12 April 2019            
 
The ICAI has made Unique Document Identification Number (UDIN) mandatory for all Tax Audit Reports and Goods and Services Tax (GST) Audit Reports w.e.f. 1 April 2019. Now, the UDIN Monitoring Group of the ICAI has issued detailed FAQs with respect to the same.
For more information, click here. 

Regulatory News

Filing of one time return in DPT - 3 Form – 12 April 2019
 
The Central Government vide the Companies (Acceptance of Deposits) Amendment Rules, 2019 had notified a new sub-Rule (3) under Rule 16 (A), ‘Disclosures in the financial statement’, which states that ‘every company other than government company shall file a onetime return of outstanding receipt of money or loan by a company but not considered as deposits as per Rule 2(1)(c) from 1 April 2014 to 22 January 2019 in FORM DPT-3 within 90 days from 22 January 2019’. Now, two new changes have been made in the aforesaid notification which are as follows:

• The period for the purpose of filing of the onetime return of outstanding receipt of money or loan by a company but not considered as deposits as per Rule 2(1)(c) has been changed from 1 April 2014 to 22 January 2019 to 1 April 2014 to 31 March 2019; and
• Now, the aforesaid return is to be filed on or after the date of deployment of Form DPT-3 on MCA portal and further, the additional fees w.r.t. the same would be levied after 30 days from the date of deployment of the above-mentioned Form.

For more information, click here.

Further GST Updates
 
The Central Board of Indirect Taxes and Customs has issued certain updates w.r.t. GST whose links are as follows:

• For more information w.r.t. extension of the due date for furnishing FORM GSTR-7 for the month of March 2019 from 10.04.2019 to 12.04.2019, click here;
• For more information w.r.t. extension of the due date for furnishing FORM GSTR-1 for taxpayers having aggregate turnover more than Rs. 1.5 crores for the month of March, 2019 from 11.04.2019 to 13.04.2019, click here