Monthly GAAP Bulletin – Aug. 2020 (Volume II)

Grant Thornton in India 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 the month of July 2020.

We hope you find this bulletin informative and useful.

Quick snapshot of some key updates

India updates – Effective

Accounting updates

• Companies (Indian Accounting Standards) Amendment Rules, 2020

Auditing updates

• Guidance Note on CARO 2020

Regulatory updates

Companies Act updates

• Technical Guide on Accounting for Expenditure on Corporate Social Responsibility Activities and withdrawal of Guidance Note

SEBI updates

• Extension of time for submission of financial results
• Relaxation for issuers of NCDs/NCRPs/CPs
• Clarification on applicability of regulation 40(1) of SEBI LODR Regulations to open offer, buyback and delisting of securities of listed entities

Other regulatory updates

• Exemption from  registration as NBFC – alternative investment fund

India updates – Proposed

Accounting updates

• Exposure draft of Guidance Note on Revenue from Operations in case of Contractor

International updates – Effective

IFRS updates

• Deferment of effective date of amendments to IAS 1