The weekly messenger | Edition 21.19

Accounting News

IASB proposes annual improvements to IFRS Standards – 21 May 2019 

The International Accounting Standards Board (IASB) has published proposed narrow - scope amendments to the following four International Financial Reporting Standards (IFRS) Standards as a part of its maintenance and improvements of the Standards:

• IFRS 1 ‘First-time Adoption of International Financial Reporting Standards’;
• IFRS 9 ‘Financial Instruments’;
• Illustrative Examples accompanying IFRS 16 ‘Leases’;
• IAS 41 ‘Agriculture’.

Comments are to be provided by 20 August 2019.
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Regulatory News

NFRA (Meeting for Transaction of Business) Rules, 2019 – 22 May 2019 

The Central Government (CG) has issued the National Financial Reporting Authority (NFRA) (Meeting for Transaction of Business) Rules, 2019 which inter-alia includes:

• Definitions;
• Meetings for transaction of business and procedure thereof;
• Power to regulate procedure in certain circumstances;
• Effect of any irregularities of procedure.

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Companies (Prospectus and Allotment of Securities) Third Amendment Rules, 2019 – 22 May 2019

The CG has amended the Companies (Prospectus and Allotment of Securities) Rules, 2014 with the Companies (Prospectus and Allotment of Securities) Third Amendment Rules, 2019, wherein the following changes have been made:

• In sub-rule (7) of Rule 9A ‘Issue of securities in dematerialised form by unlisted public companies’, the words ‘the Securities and Exchange Board of India (Depositories and participants) Regulations 1996’ have been replaced with words ‘the Securities and Exchange Board of India (Depositories and participants) Regulations 2018’;
• Also, erstwhile sub-rule (8) of the aforesaid Rule has been substituted with the two new sub-rules, wherein now every unlisted public company governed by Rule 9A shall be required to submit Form PAS-6 to the Registrar with such fee as provided in Companies (Registration Offices and Fees) Rules,2014 within sixty days from the conclusion of each half year duly certified by a company secretary in practice or chartered accountant in practice as against the earlier requirement of submission of the audit report provided under regulation 55A of the securities and Exchange Board of India (Depositories and participants) Regulations, 1996;
• A new form i.e. Form PAS – 6 ‘Reconciliation of Share Capital Audit Report (Half -yearly)’ has been inserted.

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Guidelines for preparation of Solvency Statement for FY 2019-20 and Onwards – 20 May 2019

The Insurance Regulatory and Development Authority of India (IRDAI) has prescribed certain specific directions with respect to the preparation of Solvency Statement under the IRDA (Assets, Liabilities, and Solvency Margin of General Insurance Business) Regulations, 2016 from the first quarter of 2019-20.
 
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Guidelines for preparation of Financial Statements for FY 2019-20 and Onwards – 20 May 2019

The IRDAI has also issued directions with respect to the preparation of Financial Statements under the IRDA (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002 w.e.f. first quarter of 2019-20.
 
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