The weekly messenger | Edition 20.16
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
ITFG Clarification Bulletin 6 – 29 November 2016
Ind AS Transition Facilitation Group (ITFG) of Ind AS (IFRS) Implementation Committee has been constituted to provide clarification on various issues related to applicability and/or implementation of Ind AS under the Companies (Ind AS) Rules,2015, raised by preparers, users and other stakeholders Recently, ITFG has issued the sixth set of clarifications. This bulletin contains clarifications on following matters:
- Clarification regarding Implementation of Ind AS on the basis of the net worth threshold criteria on various dates.
- Applicability of Ind AS on the charitable companies being the subsidiary of a phase I company.
- Applicability of Ind AS to a company falling in phase II being the subsidiary of an NBFC.
- Clarification on inclusion of capital reserve in the nature of government grant in the calculation of net worth to assess the Ind AS applicability.
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Auditing News
GN on Reports in Company Prospectuses – 1 December 2016
ICAI has issued a revised edition of Guidance Note (GN) on Reports in Company Prospectuses to incorporate the impact of new developments taken place. The GN specifies reporting requirements required in relation to financial information to be included in the prospectus in case of Initial Public Offering. It is also applicable to other types of filings for the issue of securities. The GN, inter-alia, includes:
- Legal aspects
- Auditors are eligible to make the Reports
- Fees for issuing the Reports
- Signing the Report
- Consent Letter
- Comfort Letter
- Liability for Misstatement in Prospectus
- Reports and Certificates
- Person to whom the report should be addressed etc.
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Regulatory News
Effective date of certain provisions of Insolvency and Bankruptcy Code, 2016 – 30 November 2016
The Central Government appoints 1 December 2016 as the date on which certain provisions of Insolvency and Bankruptcy Code 2016 shall come into force. These provisions inter alia include Application of the provisions of the Code, corporate insolvency resolution process, adjudicating authority for corporate persons and offences and penalties, condonation of delay, bar of jurisdiction, trial of offences by special court, appeals and revision and provision of this code to override other laws, power to make Rules etc.
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