The weekly messenger | Edition 23.16
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
FASB issues technical improvements to revenue recognition standards – 21 December 2016
Financial Accounting Standards Board (FASB) has issued an update regarding technical corrections and improvements to Topic 606 and other topics amended by update 2014-09 which relates to Revenue from contracts with customers. It relates to various issue which, inter-alia, includes following:
- Loan Guarantee Fees
- Contract Costs
- Provision for losses on construction contracts
- Disclosure of remaining performance obligations
- Refund Liability
- Advertising Costs
- Cost capitalization for advisors to private funds and public funds
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Regulatory News
NCLT Amendment Rules, 2016 – 20 December 2016
Ministry of Corporate Affairs (MCA) has notified National Company Law Tribunal (NCLT) (Amendment) Rules, 2016. Various provisions have been inserted and amended by these amendments. The insertions, inter-alia, include following:
- Presentation of Joint petition
- Multiple remedies
- Application to cancel variation of rights
- Application for re-opening of books of accounts and re-casting of financial statements etc.
These rules shall come into force on the date of their publication in official gazette.
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Delegation of powers to Regional Directors under Section 458 of Companies Act, 2013 – 19 December 2016
MCA has notified delegation of certain powers and functions to Regional Directors of Mumbai, Kolkata, Chennai, New Delhi, Ahmedabad, Hyderabad and Shillong. However, such powers are revocable if necessary in public interest. Such powers may, inter-alia, include:
- Alteration of memorandum in case of conversion into another kind of company
- Revocation of license of companies formed with charitable objects etc.
- Alteration of memorandum
- Rectification of name of company
- Rectification in register of charges
- Circulation of members’ resolution
- Removal, resignation of auditor and giving of special notice
- Mediation and Conciliation panel etc.
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Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 – 15 December 2016
Insolvency and Bankruptcy Board of India has issued Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. These regulations, inter-alia, includes following:
- Eligibility for appointment as liquidator
- Liquidator’s fee
- Reporting
- Registers and books of account
- Appointment of professionals
- Consultation with stakeholders
- Public announcement by liquidator
- Early dissolution
- Proof of claim etc.
For more information, click here