The weekly messenger | Edition 42.19

Accounting News

Quick Referencer on Indian Accounting Standards – 7 November 2019

The Institute of Chartered Accountants of India (ICAI) has issued a ‘Quick Referencer on Indian Accounting Standards’ which provides a glance of the basic aspects of applicable standards in a summarised manner with an objective to provide a basic understanding of Ind ASs to the members.

For more information, click here.

FASB Improves Accounting for Share Based Payments Made to Customers – 11 November 2019

The Financial Accounting Standards Board (FASB) has issued an Accounting Standards Update (ASU) that simplifies and increases comparability of accounting for nonemployee share-based payments, specifically those made to customers.

For more information, click here.

FASB Proposes Clarifications to Certain Areas of the Derivatives and Hedging Standard – 12 November 2019

The FASB has also issued a proposed ASU to clarify sections of its 2017 hedge accounting standard. The proposed ASU primarily addresses the change in hedged risk in a cash flow hedge, wherein the proposed ASU would clarify whether that change can happen both prospectively (that is, before the forecasted transaction occurs) and retrospectively (that is, after the forecasted transaction occurs) and, if so, how hedge accounting guidance should be applied in those instances.

Comments are to be provided by 13 January 2020.

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Auditing News

ICAI issues clarification on its announcement related to Effective Date of Validity of Peer Review Certificate – 6 November 2019

The Peer Review Board of the ICAI had earlier issued a clarification on ‘Effective Date of Validity of Peer Review Certificate’, wherein the aforesaid board has clarified that the Peer Review Certificate would be effective from the date of submission of final clean report irrespective of date of Peer Review Board meeting in which it is approved.

Now, the board has issued a further clarification on this matter as per which, if the Final Clean Report has been submitted before the expiry of the earlier Peer Review Certificate, the effective date of the Certificate shall be the date next to the date at which earlier certificate is being expired.

It has been further clarified that temporary relaxation is being given to such Practicing Units to sign listed company reports as required by the Securities and Exchange Board of India (SEBI)/other authorities till 30.09.2019, whose final clean reports have been received by the Board.

For more information, click here.

Regulatory News

GN on Division III – Schedule III to the Companies Act, 2013 for NBFC required to comply with Ind AS – 5 November 2019

The ICAI has issued the Guidance Note (GN) on Division III – Schedule III to the Companies Act, 2013 for Non-Banking Financial Companies (NBFCs) that are required to comply with Ind AS.

For more information, click here.