The weekly messenger | Edition 19.16
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
European Commission announces decision to adopt IFRS 9 – 25 November 2016
European Commission (EC) has communicated the decision to adopt International Financial Reporting Standard (IFRS) 9 “Financial Instrument” adopted in European Union (EU) law through a press release.
This standard covers accounting for financial instrument and is particularly important for banks and other financial services companies.
The new standard will come into effect on 1 January 2018 (early application is permitted) and will replace the current standard IAS 39.
For more information, Click here
Regulatory News
Revised Model GST Law – 26 November 2016
Revised Goods and Service Tax (GST) Law was issued by GST council secretariat is placed in the public domain for information of trade, industry and other stakeholders for their approval and inputs.
The major changes which have been incorporated in the draft model inter alia include:
- No tax on securities.
- Tax benefits to continue for Special Economic Zone.
- Exemption for business assets given to employees.
- Authority to ensure that benefits of GST are passed on to the consumer.
- Supplies made to every state to be taxed, but eligible for IGST credit.
- Tax to be levied on the location of the supplier.
For more information, Click here