Grant Thornton Bharat presents the latest edition of the Monthly GAAP Bulletin that summarises significant accounting, auditing and regulatory updates. This publication has been compiled to meet the needs of dynamic Indian businesses and focuses on key developments in India and across the globe.
This edition covers updates for November 2020.
We hope you find this bulletin informative and useful.
Quick snapshot of some key updates
India updates - Effective
Accounting updates
- Revised guidance note on Accounting for Share-based Payments
- Revised guidance note on applicability of AS 25 and measurement of income-tax expense for interim financial reporting
Auditing updates
- Validation of UDIN generated from ICAI portal by CBDT
Regulatory updates
Companies Act updates
- Extension of LLP Settlement Scheme, 2020
- Amendments to IBBI liquidation process regulations
- Amendments to IBBI insolvency resolution process for corporate persons
SEBI updates
- Additional compliance requirements for any scheme of arrangement by listed entities
- Non-compliance with provisions related to continuous disclosures
- Monitoring and disclosures by debenture trustee(s)
Other regulatory updates
Foreign Contribution (Regulation) (Amendment) Rules, 2020
India updates – Proposed
Regulatory updates
SEBI updates
- Consultation paper on proposed amendments to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- Consultation paper on review of requirement of Minimum Public Offer for large issuers in terms of Securities Contracts (Regulation) Rules, 1957
International updates - Effective
US GAAP Updates
- Publication: Audit Committees Resource - New PCAOB requirements regarding auditing estimates and use of specialists
International updates – Proposed
IFRS Updates
Exposure draft: Amendment to IFRS 16 - Lease liability in a sale and leaseback
