The weekly messenger | Edition 30.20
This newsletter is a weekly compilation of accounting, auditing and related regulatory news from different accounting and regulatory bodies in India and overseas.
Regulatory News
Relaxations from Regulatory Compliances Due to Outbreak of COVID-19 Pandemic – 10 August 2020
The ICAI has issued a publication on ‘Relaxations from Regulatory Compliances due to Outbreak of COVID-19 Pandemic’, which is the compilation of some of the key relaxations and measures provided by the Ministry of Corporate Affairs (MCA) and the Securities and Exchange Board of India (SEBI) due to COVID-19 in a summarised manner.
For more information, click here.
Report of the Committee on Business Responsibility Reporting – 11 August 2020
In 2018, the MCA had constituted a ‘Committee on Business Responsibility Reporting’ for finalising new Business Responsibility Reporting formats for listed and unlisted companies, comprising of various representatives from MCA, SEBI, professional institutes etc.
After extensive consultations with various stakeholders, the aforesaid Committee has submitted its Report to the Central Government, wherein, the Committee recommended a new reporting framework i.e. the ‘Business Responsibility and Sustainability Report’ in order to better reflect the intent and scope of reporting on non-financial parameters. The Committee has recommended two formats for disclosures: a ‘comprehensive format’ and a ‘Lite version’ and is of the view that implementation of the reporting requirements should be done in a gradual and phased manner.
For more information, click here.