RBI defers the effective date for implementation of Ind AS for banks to 1 April 2019

Size: px
Start display at page:

Download "RBI defers the effective date for implementation of Ind AS for banks to 1 April 2019"

Transcription

1 29 Regulatory updates

2 30 RBI defers the effective date for implementation of Ind AS for banks to 1 April 2019 On 5 April 2018, the Reserve Bank of India (RBI) through its press release deferred the implementation of Indian Accounting Standards (Ind AS) by one year for scheduled commercial banks i.e would be the first year of Ind AS with as the comparative year. The implementation of Ind AS by banks requires certain legislative changes in the format of financial statements to comply with disclosures required by Ind AS. The change in format requires an amendment to the third schedule of the Banking Regulation Act, 1949 to make it compatible with accounts under Ind AS. Considering the pending amendments to the Banking Regulation Act, 1949, as well as the level of preparedness of several banks, RBI has taken a decision to defer the applicability of Ind AS. Also, RBI is yet to issue prudential norms and operational guidelines to facilitate the implementation of the new accounting standards. (Source: RBI s Statement on Developmental and Regulatory Policies dated 5 April 2018 and KPMG in India s IFRS Notes dated 6 April 2018) MCA notifies Ind AS 115 and amendments to other Ind AS The Ministry of Corporate Affairs (MCA), on 28 March 2018, notified Ind AS 115, Revenue from Contracts with Customers (which is based on IFRS 15, Revenue from Contracts with Customers) as part of the Companies (Indian Accounting Standards) Amendment Rules, The new standard is effective for accounting periods beginning on or after 1 April 2018, thus aligning the Ind AS 115 applicability date with the IFRS 15 applicability date i.e. 1 January Ind AS 115 replaces existing revenue recognition standards Ind AS 11, Construction Contracts and Ind AS 18, Revenue and revised guidance note of the Institute of Chartered Accountants of India (ICAI) on Accounting for Real Estate Transactions for Ind AS entities issued in The new standard also modifies other Ind AS for example Ind AS 16, Property, Plant and Equipment for determining the date of sale of Property, Plant and Equipment (PPE) i.e. date of disposal of an item of PPE is the date the recipient obtains control of that item in accordance with Ind AS 115. The corresponding changes to other Ind AS have also been notified. Further, with Ind AS being converged with IFRS, there is a need to keep Ind AS updated with revisions made to IFRS in order to maintain convergence. Accordingly, MCA issued certain amendments to other Ind AS along with notifying Ind AS 115. These amendments maintain convergence with IFRS by incorporating amendments issued by International Accounting Standards Board (IASB) into Ind AS. Additionally, the IASB along with the IFRS Interpretations Committee, issues amendments to IFRS either as part of its annual improvement process or as specific amendments to IFRS, to resolve inconsistencies in the standards or to provide further clarifications. The amendments relate to the following standards: Ind AS 40, Investment Property Ind AS 21, The Effects of Changes in Foreign Exchange Rates Ind AS 12, Income Taxes Ind AS 112, Disclosure of Interests in Other Entities Ind AS 28, Investments in Associates and Joint Ventures Please refer to KPMG in India IFRS Notes dated 10 April 2018 and 11 April 2018 for detailed overview of amendments to Ind AS and Ind AS 115 notified by MCA. (Source: MCA notification G.S.R. 310(E). dated 28 March 2018) The MCA amends Companies (Filing of Documents and Forms in XBRL) Rules and extended last date for filing of financial statements Rule 12(1) of the Companies (Accounts) Rules, 2014 requires that every company should file the financial statements with the Registrar of Companies (ROC) together with Form AOC-4 and the consolidated financial statements, if any, with Form AOC-4 CFS. Section 137 of the Companies Act, 2013 (2013 Act) requires that every company should file such a form with the ROC within 30 days of the date of the Annual General Meeting (AGM). Further, Rule 3 of Companies (Filing of Documents and Forms in Extensible Business Reporting Language (XBRL)) Rules, 2015, prescribed that the following class of companies are required to file their financial statements in XBRL format: a. Companies listed with stock exchanges in India and their Indian subsidiaries b. Companies with paid-up capital of INR5 crore or above c. Companies with turnover of INR100 crore or above d. All companies which are required to prepare their financial statements in accordance with Companies (Ind AS) Rules, 2015 Recently, MCA through its notification dated 8 March 2018 issued the Companies (Filing of Documents and

3 31 Forms in XBRL) Amendment Rules, 2018 to clarify that the companies which have filed their financial statements as given above should continue to file their financial statements and other documents even if they do not fall under the class of companies specified therein in succeeding years. Therefore, companies which have filed their financial statements under the Companies (Filing of Documents and Forms in XBRL) Rules, 2011, should continue to file their financial statements and other documents as prescribed in those Rules even if they do not fall under the class of companies specified therein. Additionally, MCA through its notification dated 28 March 2018 has extended the last date for filing of AOC- 4 XBRL for Ind AS complaint companies for the financial year without additional fees till 30 April Earlier the last date was extended to 31 March (Source: MCA notification no. G.S.R. 213(E) dated 8 March 2018 and circular no. 1/2018 dated 28 March 2018) Exemption from provisions relating to deferred tax asset/liability for government companies The MCA through its notification dated 2 April 2018 provides that the provisions of Ind AS 12 or AS 22, Accounting for Taxes on Income relating to recognising Deferred Tax Asset (DTA)/Deferred Tax Liability (DTL) in the financial statements will not be applicable to a government company which meets the given criteria: It is a Public Financial Institution (PFI) as defined under Section 2(72)(iv) of the 2013 Act It is a Non-Banking Financial Company (NBFC) registered with RBI under Section 45-IA of the RBI Act, 1934 and It is engaged in the business of infrastructure finance leasing with not less than 75 per cent of its total revenue being generated from such business with government companies or other entities owned or controlled by the government. Earlier the exemption was available for seven years up to 31 March The MCA has amended the earlier notification and now this exemption is available indefinitely to government companies. (Source: MCA notification No. S.O. 529(E) dated 5 February 2018 and MCA notification S.O. 1465(E) dated 2 April 2018)

4 32 SEBI decisions regarding the Report of the Committee on Corporate Governance Background The SEBI constituted a Kotak Committee on Corporate Governance (the committee) in June 2017 under the Chairmanship of Mr. Uday Kotak. The objective of this committee was to suggest measures for enhancing the standards of corporate governance of listed entities in India. On 5 October 2017, the committee submitted the report on corporate governance to SEBI. On 28 March 2018, SEBI considered the recommendations of the committee and the public comments thereon. Accordingly, they accepted certain recommendations without modifications, few with modifications and referred certain recommendations to various agencies (i.e. government, other regulators, professional bodies, etc.) since the matters involved those agencies. Overview of the circular The following section provides an overview of the decisions considered by SEBI and the decisions have been categorised on the basis of their applicability dates. The following table provides the decisions that are expected to be applicable from 1 April 2018 and have been accepted without modifications are as follows: Eligibility criteria for independent directors Eligibility criteria for a director to be an independent director has been revised and would be as follows: Specifically exclude persons who constitute the promoter group of a listed entity. Require an undertaking from an independent director that he/she is not aware of any circumstance or situation, which exists or may be reasonably anticipated, that could impair or impact his/her ability to discharge his/her duties with objective independent judgements and without any external influence. The board of the listed entity to take on record the above undertaking after due assessment of the veracity of such undertaking. Exclude board inter-locks arising due to common non-independent directors on boards of listed entities (i.e. a non-independent director of a company on the board of which any non-independent director of the listed entity is an independent director, cannot be an independent director on the board of the listed entity). For example, if Mr. A is an executive director on the board of entity A (being a listed entity) and is also an independent director on the board of entity B, then no non-independent director of entity B can be an independent director on the board of entity A. Additionally, board of directors as a part of the board evaluation process may be required to certify every year that each of its independent directors fulfils the conditions specified in the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) and is independent of the management. Role of an audit committee The audit committee members would need to also review the utilisation of loans and/ or advances from/investment by the holding company in the subsidiary exceeding INR100 crore or 10 per cent of the asset size of the subsidiary, whichever is lower. Role of nomination and remuneration committee Nomination and remuneration committee members are required to identify and recommend persons who can be appointed in senior management. Accordingly, the persons in senior management should include all members of management one level below the chief executive officer/managing director/whole-time director/manager (including chief executive officer/manager, in case chief executive officer/manager is not part of the board) and should specifically include the company secretary and the Chief Financial Officer (CFO). Administrative staff would not be included in senior management. Also the nomination and remuneration committee members would need to recommend the remuneration payable to the senior management to the board of the listed entity.

5 33 Role of risk management committee The board of directors would need to include cyber security and related risks while specifying the role and responsibility of risk management committee. Additionally, the requirement for constitution of a risk management committee should be applicable to top 500 listed entities determined on the basis of market capitalisation, as at the end of the immediate previous financial year. Auditor related disclosures The explanatory statement to the notice that is sent to shareholders for an AGM in relation to the item on appointment/re-appointment of auditor(s), would include the following disclosures (in addition to any other disclosures that the board of directors may deem fit): a. Basis of recommendation for appointment including the details in relation to and credentials of the auditor(s) proposed to be appointed and b. Proposed fees payable to the statutory auditor(s) along with the terms of appointment. In case of a new auditor, any material change in the fee payable to such an auditor from that paid to the outgoing auditor and the rationale for such change c. Detailed reasons for resignation of an auditor as given by the said auditor. Secretarial audit Secretarial audit has been made compulsory for all listed entities under the Listing Regulations in line with the provisions of the 2013 Act. Secretarial audit has also been extended to all material unlisted Indian subsidiaries. Related Party Transactions (RPTs) In order to strengthen transparency on RPTs, the listed entities would need to take action on the following requirements: A person or an entity belonging to the promoter or promoter group of the listed entity and holds 20 per cent or more of shareholding in the entity would be considered as a related party. Half yearly disclosure of RPTs on a consolidated basis, in the disclosure format required for RPT in the annual accounts as per the accounting standards, on the website of the listed entity within 30 days of publication of the half-yearly financial results. Copy of the same also has to be submitted to the stock exchanges. Disclosure of transactions with promoters/promoter group entities holding 10 per cent or more shareholding be made annually and on a half-yearly basis (even if not classified as related parties). Strict penalties may be imposed by SEBI for failing to make requisite disclosures of RPTs. The Listing Regulations would be amended to allow related parties to cast a negative vote as such voting cannot be considered to be in conflict of interest. Therefore, all material RPTs would require approval of the shareholders through resolution and no related party would vote to approve such a resolution whether the entity is a related party to the particular transaction or not. Utilisation of proceeds of preferential issue and Qualified Institutional Placement (QIP) A disclosure regarding utilisation of funds raised through preferential allotment and QIPs undertaken in the relevant financial year, until such funds are fully utilised would be required. This disclosure will be included in other disclosures section of the Corporate Governance Report.

6 34 Obligations on the board with respect to subsidiaries The board of listed companies would need to take actions regarding following: Definition of material subsidiary: The definition of a material subsidiary has been revised to mean a subsidiary whose income or net worth exceeds 10 per cent (from the current 20 per cent) of the consolidated income or net worth respectively, of the listed entity and its subsidiaries in the immediately preceding accounting year. For the requirement of appointment of independent directors on the board of material subsidiaries, the threshold of 20 per cent would continue. Appointment of an independent director: At least one independent director on the board of directors of the listed entity should be a director on the board of directors of an unlisted material subsidiary, including unlisted foreign material subsidiary. Significant transaction or arrangement: The management of the unlisted subsidiary should periodically bring to the notice of the board of directors of the listed entity, a statement of all significant transactions and arrangements entered into by the unlisted subsidiary (currently the disclosure is required for material subsidiary).

7 35 The decision that is expected to be applicable from 1 April 2018 but has been accepted with a modification is as follows: Royalty/brand payments to related parties: The payments made by listed entities with respect to brands usage/ royalty amounting to more than two per cent of consolidated turnover of the listed entity would require prior approval from the shareholders on a majority of minority basis. The decisions that are expected to be applicable from 1 April 2019 or 1 April 2020 Maximum number of directorships The maximum number of listed entity directorships held by a person has been brought down from 10 to eight (for an independent director it should not exceed seven) with effect from 1 April From 1 April 2020, the number of directorships would be reduced to seven listed entities. Any person who is serving as a whole-time director/managing director in any listed entity would serve as an independent director in not more than three listed entities. Disclosure of directors expertise The corporate governance report would disclose competencies of its board members against every identified competency/expertise without disclosing names in the annual report for financial year ending 31 March However, detailed disclosures of competencies of every board member, along with their names, would be required with effect from 31 March Quarterly financial disclosures The composition of board of directors of the listed entity would comprise of not less than six directors. This requirement is expected to be applicable to top 1,000 listed entities from 1 April 2019 and to top 2,000 listed entities from 1 April Minimum six directors on board of directors A disclosure regarding utilisation of funds raised through preferential allotment and QIPs undertaken in the relevant financial year, until such funds are fully utilised would be required. This disclosure will be included in other disclosures section of the Corporate Governance Report. One independent woman director The board of directors would be required to appoint at least one independent woman director. This requirement is expected to be applicable to top 500 listed entities from 1 April 2019 and to top 1,000 listed entities from 1 April Separation of chief executive officer/ managing director and chairperson Top 500 listed entities would be required to separate the roles of chairperson and chief executive officer/managing director from 1 April While the committee had recommended that all listed entities with more than 40 per cent of public shareholding should separate the roles of the chairperson and chief executive officer/managing director with effect from 1 April 2020, with the chairperson being a non-executive director, SEBI has decided to modify the recommendation to make it applicable to the top 500 listed entities. However, it is unclear if the modification is meant to restrict the applicability to the top 500 listed companies with public shareholding of more than 40 per cent or instead extend the applicability to all of the top 500 listed entities irrespective of the level of public shareholding. Quorum for board meetings The quorum for every meeting of the board of directors of the listed entity would be one-third of its total strength or three directors, whichever is higher, including at least one independent director. This requirement is subject to the requirements of the 2013 Act and the participation of the directors by video conferencing or by other audio visual means would also be counted for the purposes of such quorum. This requirement is expected to be applicable to top 1,000 listed entities from 1 April 2019 and to top 2,000 listed entities from 1 April 2020.

8 36 Timing of AGM and webcast of AGM The top 100 listed entities would need to hold AGMs within five months after the end of financial year i.e. by 31 August 2019 and also provide webcast of AGMs from financial year (Source: Report of the SEBI committee on corporate governance dated 5 October 2017, SEBI press release no. PR No. 09/2018 dated 28 March 2018 and KPMG in India First Notes dated 20 April 2018) Ind AS Transition Facilitation Group (ITFG) issues Clarifications Bulletin 15 The Ind AS Transition Facilitation Group (ITFG) in its meeting considered certain issues received from the members of the ICAI, and issued its Clarifications Bulletin 15 on 5 April 2018 to provide clarifications on following 10 application issues relating to Ind AS. The ITFG provided clarification on the following issues relating to the application of Ind AS: General applicability issues Ind AS applicability to an NBFCs Ind AS applicability to entities in a group Foreign Currency Convertible Bonds Compulsorily redeemable Non-Cumulative Preference Shares (RNCPS) Classification of incentives receivable from government entities as financial assets Application of Ind AS to past business combinations of entities under common control Accounting for interest free refundable security deposits Lease premium collected at the time of lease deed Accounting for outstanding retired partners capital balances by a partnership firm. (Source: ITFG 15 issued by ICAI and KPMG in India s IFRS Notes dated 18 April 2018) The objective of the standard is to: Lay down broad principles for the joint auditors in conducting the joint audit Provide a uniform approach to the process of joint audit Identify the distinct areas of work and coverage thereof by each joint auditor Identify individual responsibility and joint responsibility of the joint auditors in relation to audit. Effective date: The revised standard is effective for audits of financial statements for periods beginning on or after 1 April (Source: SA 299 issued by ICAI) ICAI issued SA 299, Joint audit of financial statements The ICAI on 28 March 2018, issued Standard on Auditing (SA) 299 (Revised), Joint audit of financial statements. A joint audit is an audit of financial statements of an entity by two or more auditors appointed with the objective of issuing the audit report. Such auditors are described as joint auditors. The revised standard lays down the principles for effective conduct of joint audit to achieve the overall objectives of the auditor. Further, the standard deals with the special considerations in carrying out audit by joint auditors.

9 37 The Payment of Gratuity (Amendment) Act, 2018 Background The Payment of Gratuity Act, 1972 requires for the payment of gratuity to employees in specified establishment or company, or shop which has employed 10 or more people. The gratuity is paid to employees if they have provided at least five years of continuous service at the time of termination. The Payment of Gratuity (Amendment) Bill, 2017 (the bill) was introduced in the Lok Sabha by the Minister for Labour and Employment in December 2017 to amend the Payment of Gratuity Act, The bill empowers central government to specify: a. The period of maternity leave eligible for qualifying as continuous service b. Maximum amount payable to an employee under the Payment of Gratuity Act, Under the Payment of Gratuity Act, 1972, the maximum maternity leave, for the purpose of calculating continuous service was based on the maternity leave provided under the Maternity Benefit Act, Similarly, the maximum amount of gratuity payable to an employee cannot exceed INR10 lakh under the Payment of Gratuity Act, New development The bill has been approved by both the houses in March 2018 and the Payment of Gratuity (Amendment) Act, 2018 has been published in the Official Gazette on 29 March Further, the central government through its notification dated 29 March 2018 has specified the following: Amount of gratuity payable to an employee under the Payment of Gratuity Act, 1972 should not exceed INR20 lakh. However, an employee continues to have the right to receive better terms of gratuity under any award, agreement or contract with the employer. The period of maternity leave in case of female employees should not exceed 26 weeks for the purpose of the Payment of Gratuity Act, (Source: Minister for Labour and Employment notification S.O. 1419(E) dated 29 March 2018) IASB revises the Conceptual Framework for Financial Reporting Background The Conceptual Framework for Financial Reporting (Conceptual Framework) is a set of concepts and accompanying guidance that provides a foundation for decisions that the International Accounting Standards Board (IASB) makes while developing a standard. It is not a standard in itself, and does not override any standard developed by IASB. The Conceptual Framework was initially developed in 1989 by IASB s predecessor body, the International Accounting Standards Committee as the Framework for the Preparation and Presentation of Financial Statements. In 2013, IASB issued a Discussion Paper reviewing the Conceptual Framework, and based on the comments received from the stakeholders, in 2015 it issued the Exposure Draft on revisions to the Conceptual Framework. New development On the basis of comments received from the stakeholders on the Exposure Draft of the Revised Conceptual Framework for Financial Reporting (Revised Framework), IASB issued the Revised Framework on 29 March The Revised Framework is more comprehensive than the existing Conceptual Framework, and provides IASB with a full set of tools that cover all aspects of standard setting from the objective of financial reporting, to presentation and disclosures. The Revised Framework fills the gap in the existing Conceptual Framework (for example, by providing guiding principles on selecting the method for measuring elements of financial statements, provides guidance on presentation and disclosure of financial statements), updates various aspects of the Conceptual Framework (for example, by revising the definitions of assets and liabilities), and provides clarification on various aspects (for example, by clarifying the role of measurement uncertainty). The major changes introduced by the Revised Framework are: It describes the reporting entity and its boundary It has updated the definitions of an asset, a liability, an income and an expense Provides the criteria for including assets and liabilities in financial statements (recognition) and guidance on when to remove them (derecognition) Describes the measurement bases and guidance on when to use them States the concepts and provides guidance on presentation and disclosures; and

10 38 Provides clarification on the role of prudence, stewardship, measurement uncertainty and substance over form. The Revised Framework is effective immediately for IASB and the IFRS Interpretations Committee to set better standards. Entities that use the Conceptual Framework to develop an accounting policy (where none of the existing standards cover a transaction), would be required to follow the Revised Framework for annual periods beginning on or after 1 January (Source: Conceptual Framework for Financial Reporting issued by IASB dated 28 March 2018) The IASB proposes changes to IAS 8 The IASB on 28 March 2018 released the Exposure Draft (ED) to propose narrow-scope amendments to IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors. IAS 8 provides the criteria for selecting and changing accounting policies. IAS requires entities to change accounting policy either as requirements in IFRS or when the change would provide more useful information to users of the financial statements. Further, the standard requires an entity to apply a voluntary change in accounting policy retrospectively (i.e. as if it had always applied the new accounting policy), unless this is not practicable. The IFRS Interpretation Committee considered the scenario that an entity may choose to change an accounting policy based on an agenda decision released by the IFRS Interpretations Committee. Applying a voluntary change in accounting policy that results from an agenda decision can be challenging in some situations. Even though, IFRS Interpretations Committee s agenda decisions are non-authoritative, they include explanations on application of IFRSs. Considering this issue, IASB has proposed that if an entity changes an accounting method as a result of an agenda decision by the IFRS Interpretations Committee, the entity should perform assessment of benefits and cost. If the entity s cost of determining the effect of the retrospective application exceeds the expected benefits to users of the financial statements, the new accounting policy would not be applied retrospectively. Additionally, IASB proposes application guidance for the assessment of benefit and cost in the standard. Effective date: The exposure draft does not contain a proposed effective date. (Source: Accounting Policy Changes, Proposed Amendments to IAS 8 issued by IASB) Discontinuance of letters of undertaking and letters of comfort for trade credits The RBI through its notification dated 13 March 2018, has decided to discontinue the practice of issuance of letter of undertakings and letter of credit for the purpose of trade credits for imports into India by AD Category I banks with immediate effect. Letters of credit and bank guarantees for trade credits for imports into India may continue to be issued subject to compliance with the Master Circular on Guarantees and Co-acceptances. (Source: RBI notification RBI/ /139 A.P. (DIR Series) Circular No. 20 sated 13 March 2018)

SEBI decision regarding Kotak Committee recommendations

SEBI decision regarding Kotak Committee recommendations SEBI decision regarding Kotak Committee recommendations Board Leadership Center Background On March 0, the Securities and Exchange Board of India (SEBI) considered the recommendations of the Kotak Committee

More information

AMENDMENTS IN SEBI LISTING AND DISCLOSURE REQUIREMENTS REGULATIONS (CA P.N. SHAH AND CS AMRUTA AVASARE)

AMENDMENTS IN SEBI LISTING AND DISCLOSURE REQUIREMENTS REGULATIONS (CA P.N. SHAH AND CS AMRUTA AVASARE) AMENDMENTS IN SEBI LISTING AND DISCLOSURE REQUIREMENTS REGULATIONS (CA P.N. SHAH AND CS AMRUTA AVASARE) Securities And Exchange Board of India (SEBI) had appointed a Committee under the Chairmanship of

More information

MANUBHAI & SHAH LLP Maker Bhavan # 2, CHARTERED ACCOUNTANTS

MANUBHAI & SHAH LLP Maker Bhavan # 2, CHARTERED ACCOUNTANTS MANUBHAI & SHAH LLP Maker Bhavan # 2, CHARTERED ACCOUNTANTS 18, New Marine Lines, Mumbai 400020. Tel. 66333558/59/60 Fax: 66333561 www.msglobal.co.in E-mail: infomumbai@msglobal.co.in AMENDMENTS IN SEBI

More information

First Notes. SEBI decisions regarding the Report of the Committee on Corporate Governance. 20 April Background

First Notes. SEBI decisions regarding the Report of the Committee on Corporate Governance. 20 April Background First Notes SEBI decisions regarding the Report of the Committee on Corporate Governance 0 April 08 First Notes on Financial reporting Corporate law updates Regulatory and other information Disclosures

More information

Corporate governance for listed entities - Are you ready for the change?

Corporate governance for listed entities - Are you ready for the change? Corporate governance for listed entities - Are you ready for the change? June 2018 KPG.com/in 1 An introduction About this publication To improve standards of corporate governance of listed entities in

More information

4 April 2018 KPMG.com/in

4 April 2018 KPMG.com/in Voices on Reporting 4 April 2018 KPMG.com/in Welcome 01 Series of knowledge sharing calls 02 Covering current and emerging reporting issues 03 Scheduled towards the end of each month 04 Look out for our

More information

Gaurav Pingle & Associates Company Secretaries, Pune

Gaurav Pingle & Associates Company Secretaries, Pune Clause-by-Clause Analysis of amended SEBI LODR Regulations, 2015 Background June 2 2017 SEBI Committee on Corporate Governance was formed under the Chairmanship of Mr. Uday Kotak with the aim of improving

More information

18 May 2018 KPMG.com/in

18 May 2018 KPMG.com/in SEBI implements Kotak Committee recommendations 18 May 2018 KPMG.com/in Welcome 01 Report of the committee on corporate governance 02 Recommendations approved by SEBI 03 Amendments to the SEBI Listing

More information

Regulatory updates. debt securities such as listed nonconvertible

Regulatory updates. debt securities such as listed nonconvertible 19 Regulatory updates SEBI deferred disclosures of loan defaults from banks by listed entities The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) issued

More information

Amendments to SEBI Listing Regulations pursuant to Kotak Committee recommendations

Amendments to SEBI Listing Regulations pursuant to Kotak Committee recommendations to SEBI Listing Regulations pursuant to Kotak Committee recommendations An overview June 2018 KPMG.com/in Table of contents An introduction 01 Overview 02 Composition and role of the board 03 Institution

More information

Voices on Reporting. 4 October KPMG.com/in

Voices on Reporting. 4 October KPMG.com/in Voices on Reporting 4 October 2017 KPMG.com/in 2017 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative

More information

INSIGHT Special Edition October 13, 2017

INSIGHT Special Edition October 13, 2017 INSIGHT Special Edition October 13, 2017 Corporate Governance Report - A Ready Reckoner BACKGROUND The Committee on Corporate Governance ( CG Committee ) was constituted by SEBI on June 2, 2017 under the

More information

Regulatory updates. Accounting and Auditing Update - Issue no. 26/2018

Regulatory updates. Accounting and Auditing Update - Issue no. 26/2018 Accounting and Auditing Update - Issue no. 26/2018 Regulatory updates 20 MCA notified certain sections of Amendment Act, 2017 The Ministry of Corporate Affairs (MCA) through its notification dated 12 September

More information

Regulatory updates. MCA notified sections to Companies (Amendment) Act, 2017

Regulatory updates. MCA notified sections to Companies (Amendment) Act, 2017 13 - Accounting and Auditing Update - Issue no. 23/2018 Regulatory updates MCA notified sections to Companies (Amendment) Act, 2017 On 13 June 2018, the Ministry of Corporate Affairs (MCA) notified certain

More information

5 July 2018 KPMG.com/in

5 July 2018 KPMG.com/in Voices on Reporting 5 July 2018 KPMG.com/in Welcome 01 Series of knowledge sharing calls 02 Covering current and emerging reporting issues 03 Scheduled towards the end of each month 04 Look out for our

More information

Voices on Reporting. Quarterly updates. January KPMG.com/in

Voices on Reporting. Quarterly updates. January KPMG.com/in Voices on Reporting Quarterly updates January 2019 KPMG.com/in In this publication, we have summarised important updates relevant to the quarter ended 31 December 2018 from the Ministry of Corporate Affairs

More information

I COMPOSITION AND ROLE OF THE BOARD OF DIRECTORS

I COMPOSITION AND ROLE OF THE BOARD OF DIRECTORS Clause-by-Clause Analysis Kotak Committee s recommendation on Corporate Governance vis-à-vis the decision taken by the SEBI Board (in its meeting held on March 28, 2018) SEBI Committee on Corporate Governance

More information

SEBI accepts Kotak Committee s recommendations Mandates transfer in DEMAT form

SEBI accepts Kotak Committee s recommendations Mandates transfer in DEMAT form SEBI accepts Kotak Committee s recommendations Mandates transfer in DEMAT form April 20, 2018 Gaurav N. Pingle CS [2018] 92 taxmann.com 248 (Article) In its recent board meeting, the SEBI Board deliberated

More information

Financial reporting - Accounts of companies

Financial reporting - Accounts of companies 3 Financial reporting - Accounts of companies The 2013 Act incorporates the leading industry practices as far as the financial reporting by the companies is concerned. In this chapter, we aim to provide

More information

Clause-by-Clause Analysis of Kotak Committee s recommendation on Corporate Governance

Clause-by-Clause Analysis of Kotak Committee s recommendation on Corporate Governance [2018] 92 taxmann.com 175 (Article) [2018] 92 taxmann.com 175 (Article) Clause-by-Clause Analysis of Kotak Committee s recommendation on Corporate Governance GAURAV N. PINGLE CS Introduction 1. SEBI Committee

More information

Private companies Relaxations under the Companies Act, 2013

Private companies Relaxations under the Companies Act, 2013 15 Private companies Relaxations under the Companies Act, 2013 This article aims to: Provide an overview of the exceptions/ modifications/adaptations made to the provisions of the Companies Act, 2013 for

More information

Voices on Reporting. Quarterly updates. October Contents. Updates relating to Ind AS. Updates relating to the Companies Act, 2013

Voices on Reporting. Quarterly updates. October Contents. Updates relating to Ind AS. Updates relating to the Companies Act, 2013 Voices on Reporting Quarterly updates October 2017 Contents Updates relating to Ind AS Updates relating to the Companies Act, 2013 Updates relating to SEBI regulations Other regulatory updates 01 18 25

More information

Whether there is ease of doing business for Private Companies under Company Law?

Whether there is ease of doing business for Private Companies under Company Law? Whether there is ease of doing business for Private Companies under Company Law? The Ministry of Corporate Affairs ( MCA ) has exempted private companies from the compliance of certain provisions of Company

More information

Checklist of LODR Guidelines with Amendments

Checklist of LODR Guidelines with Amendments Checklist of LODR Guidelines with Amendments Sr. No. Compliance Effect CHAPTER I: COMPOSITION AND ROLE OF THE BOARD OF DIRECTORS 1 1.Minimum Number of Directors on a Board Board of Directors Regulation

More information

Voices on Reporting. 25 May KPMG.com/in

Voices on Reporting. 25 May KPMG.com/in Voices on Reporting 25 May 2016 KPMG.com/in 2016 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative

More information

Voices on Reporting. Quarterly updates. October Contents. Updates relating to the Companies Act, Updates relating to SEBI regulations

Voices on Reporting. Quarterly updates. October Contents. Updates relating to the Companies Act, Updates relating to SEBI regulations Voices on Reporting Quarterly updates October 2016 Contents Updates relating to the Companies Act, 2013 Updates relating to SEBI regulations Ind AS updates Other regulatory updates 01 07 13 15 Voices on

More information

Accounting and Auditing Update

Accounting and Auditing Update Accounting and Auditing Update Issue no. 18/2018 January 2018 www.kpmg.com/in Editorial Accounting and Auditing Update - Issue no. 18/2018 Sai Venkateshwaran Partner and Head Accounting Advisory Services

More information

Reporting Insights. India. SEBI Listing Obligations and Disclosure Requirements (Amendment) Regulations, Issue 5: June 2018

Reporting Insights. India. SEBI Listing Obligations and Disclosure Requirements (Amendment) Regulations, Issue 5: June 2018 Reporting Insights SEBI Listing Obligations and Disclosure Requirements (Amendment) Regulations, 2018 The Kotak Committee enhances corporate governance June 2018 Issue 5: June 2018 India Content 04 06

More information

Voices on Reporting. Quarterly updates. January Contents. Updates relating to the Companies Act, Updates relating to Ind AS

Voices on Reporting. Quarterly updates. January Contents. Updates relating to the Companies Act, Updates relating to Ind AS Voices on Reporting Quarterly updates January 2018 Contents Updates relating to the Companies Act, 2013 Updates relating to Ind AS Updates relating to SEBI regulations Other regulatory updates 01 19 25

More information

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 3

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 3 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 3 Ind AS Transition Facilitation Group (ITFG) of Ind AS (IFRS) Implementation Committee has been constituted for providing clarifications

More information

Voices on Reporting. 20 January KPMG.com/in

Voices on Reporting. 20 January KPMG.com/in Voices on Reporting 20 January 2016 KPMG.com/in Welcome Series of knowledge sharing calls Covering current and emerging reporting issues Scheduled towards the end of each month Look out for our Accounting

More information

Overview of Transition to IND-AS. CA Sanjeev Maheshwari

Overview of Transition to IND-AS. CA Sanjeev Maheshwari Overview of Transition to IND-AS CA Sanjeev Maheshwari sm@gmj.co.in 98211 19043 Need for one Common language of Accounting GMJ & Co. 2 GMJ & Co. 3 GMJ & Co. 4 GMJ & Co. 5 GMJ & Co. 6 GMJ & Co. 7 GMJ &

More information

First Notes. MCA amends provisions relating to independent directors under the Companies Act, July 2017

First Notes. MCA amends provisions relating to independent directors under the Companies Act, July 2017 First Notes MCA amends provisions relating to independent directors under the Companies Act, 2013 14 July 2017 First Notes on Financial reporting Corporate law updates Regulatory and other information

More information

Quarterly technical updates. April 2017

Quarterly technical updates. April 2017 Agenda 1 Opening Remarks 2 Regulatory updates 3 Ind AS 4 Q & A 2 1. Opening Remarks 3 2. Regulatory updates 4 Integrated reporting in India SEBI reporting requirement for top 500 companies (by market cap.)

More information

FREQUENTLY ASKED QUESTIONS ON COMPANIES ACT, 2013

FREQUENTLY ASKED QUESTIONS ON COMPANIES ACT, 2013 FREQUENTLY ASKED QUESTIONS ON COMPANIES ACT, 2013 Disclaimer: The Institute has set up a dedicated e-mail id for posting operational difficulties and views relating to Companies Act, 2013. Several pertinent

More information

KOTAK COMMITTEE REPORT on CORPORATE GOVERNANCE

KOTAK COMMITTEE REPORT on CORPORATE GOVERNANCE KOTAK OMMITTEE REPORT on ORPORATE GOVERNANE A pivotal move for Indian Market Background The SEBI ommittee on orporate Governance led by Mr. Uday Kotak formed on June 2, 2017, recommended sweeping changes

More information

Changes in Financial Statements and Auditor s Report. Presentation By CA Anil Sharma

Changes in Financial Statements and Auditor s Report. Presentation By CA Anil Sharma Changes in Financial Statements and Auditor s Report Presentation By CA Anil Sharma Sec 129- Financial Statement The financial statement shall : be in the form in Schedule III and comply with the accounting

More information

COMMENTS ON RECOMMENDATIONS BY COMMITTEE ON CORPORATE GOVERNANCE UNDER THE CHAIRMANSHIP OF MR. UDAY KOTAK

COMMENTS ON RECOMMENDATIONS BY COMMITTEE ON CORPORATE GOVERNANCE UNDER THE CHAIRMANSHIP OF MR. UDAY KOTAK COMMENTS ON RECOMMENDATIONS BY COMMITTEE ON CORPORATE GOVERNANCE UNDER THE CHAIRMANSHIP OF MR. UDAY KOTAK On October 5 th 2017, the Uday Kotak Committee on Corporate Governance submitted its report to

More information

Non-controlling interests accounting under Ind AS

Non-controlling interests accounting under Ind AS 1 Non-controlling interests accounting under Ind AS This article aims to Provide an overview of the accounting of non-controlling interests under Ind AS. Introduction The International Accounting Standards

More information

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 15

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 15 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 15 Ind AS Transition Facilitation Group (ITFG) of Ind AS Implementation Group has been constituted for providing clarifications on timely

More information

ANALYSIS OF COMPANIES ACT AMENDMENT 2017 BY: CS ANIL KUMAR PANCHARIYA BENGALURU

ANALYSIS OF COMPANIES ACT AMENDMENT 2017 BY: CS ANIL KUMAR PANCHARIYA BENGALURU ANALYSIS OF COMPANIES ACT AMENDMENT 2017 BY: CS ANIL KUMAR PANCHARIYA BENGALURU 2 AT A GLANCE COMPANIES (AMENDMENT) BILL 2017 THE JOURNEY The Bill was introduced in the Lok Sabha on March 16, 2016. The

More information

Restructuring of companies under the Companies Act, 2013

Restructuring of companies under the Companies Act, 2013 15 Restructuring of companies under the Companies Act, 2013 This article aims to: Provide an overview of the key provisions of the Companies Act, 2013 with respect to restructuring of companies (i.e. compromises,

More information

Voices on Reporting. 18 November KPMG.com/in

Voices on Reporting. 18 November KPMG.com/in Voices on Reporting 18 November 2015 KPMG.com/in Welcome Series of knowledge sharing calls Covering current and emerging reporting issues Scheduled towards the end of each month Look out for our Accounting

More information

Ind-AS Implementation Issues. Himanshu Kishnadwala

Ind-AS Implementation Issues. Himanshu Kishnadwala Ind-AS Implementation Issues Himanshu Kishnadwala What is I-GAAP? Accounting Standards in India Till 2006, Standards issued by ASB of ICAI were to be followed Companies (Accounting Standards) Rules, notified

More information

This issue of First Notes highlights key aspects of the guidance note issued by the ICAI.

This issue of First Notes highlights key aspects of the guidance note issued by the ICAI. FIRST NOTES KPMG in India The ICAI issues a guidance note on accounting for expenditure on corporate social responsibility (CSR) activities 28 May 2015 First Notes on: Financial Reporting Corporate law

More information

SUMMARY OF IASB WORK PLAN AS AT 14 NOVEMBER 2017

SUMMARY OF IASB WORK PLAN AS AT 14 NOVEMBER 2017 SUMMARY OF IASB WORK PLAN AS AT 14 NOVEMBER 2017 Page Standard-setting and Related Projects... 2 Conceptual Framework... 2 Disclosure Initiative Definition of Materiality... 3 Rate-regulated Activities...

More information

Accounting and Auditing Update

Accounting and Auditing Update Accounting and Auditing Update Issue no. 11/2017 June 2017 www.kpmg.com/in Editorial Sai Venkateshwaran Partner and Head Accounting Advisory Services KPMG in India Ruchi Rastogi Executive Director Assurance

More information

Voices on Reporting. Quarterly updates. January Contents. Updates relating to the Companies Act, Updates relating to SEBI regulations

Voices on Reporting. Quarterly updates. January Contents. Updates relating to the Companies Act, Updates relating to SEBI regulations Voices on Reporting Quarterly updates January 2017 Contents Updates relating to the Companies Act, 2013 Updates relating to SEBI regulations Ind AS updates Other regulatory updates 01 05 07 15 Voices on

More information

Voices on Reporting. 20 May 2015

Voices on Reporting. 20 May 2015 20 May 2015 Welcome Series of knowledge sharing calls Covering current and emerging reporting issues Scheduled towards the end of each month Look out for our Accounting and Auditing Update, IFRS Notes

More information

First Notes. SEBI revises the regulatory framework for schemes of arrangements by listed entities. 27 March Background.

First Notes. SEBI revises the regulatory framework for schemes of arrangements by listed entities. 27 March Background. First Notes SEBI revises the regulatory framework for schemes of arrangements by listed entities 27 March 2017 First Notes on Financial reporting Corporate law updates Regulatory and other information

More information

Accounting and Auditing Update

Accounting and Auditing Update Accounting and Auditing Update Issue no. 14/2017 September 2017 www.kpmg.com/in Editorial Sai Venkateshwaran Partner and Head Accounting Advisory Services KPMG in India Ruchi Rastogi Executive Director

More information

Raising the bar on corporate governance in India

Raising the bar on corporate governance in India 0 The CFO Board is India's pre-eminent body of financial leaders and includes foremost CFOs in the country as members. The CFO Board debated the key issues impacting corporate governance in Indian companies,

More information

IFRS Notes. Ind AS Transition Facilitation Group (ITFG) issues Clarifications Bulletin May KPMG.com/in

IFRS Notes. Ind AS Transition Facilitation Group (ITFG) issues Clarifications Bulletin May KPMG.com/in IFRS Notes Ind AS Transition Facilitation Group (ITFG) issues Clarifications Bulletin 9 29 May 2017 KPMG.com/in Introduction ITFG in its meeting considered certain issues received from the members of the

More information

SUMMARY OF IASB WORK PLAN AS AT 23 AUGUST 2018

SUMMARY OF IASB WORK PLAN AS AT 23 AUGUST 2018 SUMMARY OF IASB WORK PLAN AS AT 23 AUGUST 2018 Page Standard-setting and Related Projects... 3 Management Commentary... 3 Rate-regulated Activities... 3 Research Projects... 4 Dynamic Risk Management...

More information

The resident investee company has to follow the relevant disclosure norms prescribed by the Securities Exchange Board of India (SEBI); and

The resident investee company has to follow the relevant disclosure norms prescribed by the Securities Exchange Board of India (SEBI); and Corporate Law Alert J. Sagar Associates advocates and solicitors Vol.17 May 31, 2011 RBI PLEDGE OF SHARES FOR BUSINESS PURPOSES The Reserve Bank of India (RBI) vide A.P. (DIR Series) Circular No.57 dated

More information

Actionables pursuant to passing of Companies (Amendment) Act, 2017

Actionables pursuant to passing of Companies (Amendment) Act, 2017 Actionables pursuant to passing of Companies (Amendment) Act, 2017 Team Vinod Kothari & Company corplaw@vinodkothari.com Pursuant to the assent granted by Lok Sabha on July 27, 2017 to the Companies (Amendment)

More information

TERMS AND CONDITIONS OF APPOINTMENT OF INDEPENDENT DIRECTORS OF YES BANK LIMITED (THE BANK )

TERMS AND CONDITIONS OF APPOINTMENT OF INDEPENDENT DIRECTORS OF YES BANK LIMITED (THE BANK ) TERMS AND CONDITIONS OF APPOINTMENT OF INDEPENDENT DIRECTORS OF YES BANK LIMITED (THE BANK ) 1. Appointment: The Bank has adopted the requirements under the provisions of Companies Act, 2013 (the Act )

More information

[ To Be Published in the Gazette of India Extra ordinary, Part II, Section 3, Sub-section (i)]

[ To Be Published in the Gazette of India Extra ordinary, Part II, Section 3, Sub-section (i)] [ To Be Published in the Gazette of India Extra ordinary, Part II, Section 3, Sub-section (i)] Ministry of Corporate Affairs Notification New Delhi, Dated 2014 GSR. (E). No. In exercise of powers conferred

More information

I. VARIOUS OPTIONS FOR CONVERGENCE WITH IFRSs IN INDIA

I. VARIOUS OPTIONS FOR CONVERGENCE WITH IFRSs IN INDIA P I. VARIOUS OPTIONS FOR CONVERGENCE WITH IFRSs IN INDIA 1. Background 1.1 International Financial Reporting Standards (IFRSs), issued by the International Accounting Standards Board (IASB), which are

More information

UNIT 1 INTERNATIONAL FINANCIAL REPORTING STANDARDS

UNIT 1 INTERNATIONAL FINANCIAL REPORTING STANDARDS 1 UNIT 1 INTERNATIONAL FINANCIAL REPORTING STANDARDS Meaning The term International Financial Reporting Standards includes IFRS, IAS and interpretations originated by the IFRIC or the former Standing Interpretations

More information

The MCA amends share capital and debenture rules and documents to be submitted by airline companies

The MCA amends share capital and debenture rules and documents to be submitted by airline companies First Notes The MCA amends share capital and debenture rules and documents to be submitted by airline companies 8 August 2016 First Notes on Financial Reporting Corporate law updates Regulatory and other

More information

Educational Material on Indian Accounting Standard (Ind AS) 27, Separate Financial Statements

Educational Material on Indian Accounting Standard (Ind AS) 27, Separate Financial Statements Educational Material on Indian Accounting Standard (Ind AS) 27, Separate Financial Statements & Indian Accounting Standard (Ind AS) 28, Investment in Associates and Joint Ventures ISBN : 978-81-8441-000-0

More information

Corporate Social Responsibility (CSR)

Corporate Social Responsibility (CSR) 21 Corporate Social Responsibility (CSR) The government introduced mandatory CSR requirements in the 2013 Act. The 2013 Act mandates companies to spend on social and environmental welfare, making India

More information

SUMMARY OF IASB WORK PLAN AS AT 15 FEBRUARY 2018

SUMMARY OF IASB WORK PLAN AS AT 15 FEBRUARY 2018 SUMMARY OF IASB WORK PLAN AS AT 15 FEBRUARY 2018 Page Standard-setting and Related Projects... 2 Conceptual Framework... 2 Disclosure Initiative Definition of Materiality... 3 Management Commentary...

More information

FIRST NOTES KPMG in India. The ICAI issues a guidance note on accounting for derivative contracts. 18 May Background

FIRST NOTES KPMG in India. The ICAI issues a guidance note on accounting for derivative contracts. 18 May Background FIRST NOTES KPMG in India The ICAI issues a guidance note on accounting for derivative contracts 18 May 2015 First Notes on: Financial Reporting Corporate law updates Regulatory and other information Disclosures

More information

SEBI Board Meeting. The SEBI Board met in Mumbai today and took the following decisions:

SEBI Board Meeting. The SEBI Board met in Mumbai today and took the following decisions: SEBI Board Meeting PR No.20/2018 The SEBI Board met in Mumbai today and took the following decisions: I. Review of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 The Board has

More information

First Notes. MCA notified certain provisions of the Companies (Amendment) Act, May Introduction. Loans and investments by companies

First Notes. MCA notified certain provisions of the Companies (Amendment) Act, May Introduction. Loans and investments by companies First Notes MCA notified certain provisions of the Companies () Act, 2017 28 May 2018 First Notes on Financial reporting Corporate law updates Regulatory and other information Disclosures Sector All Banking

More information

AUDIT AND RISK MANAGEMENT COMMITTEE

AUDIT AND RISK MANAGEMENT COMMITTEE AUDIT AND RISK MANAGEMENT COMMITTEE Type: Governance Document Owner: Board of Directors Custodian: CFO/Chief Internal Auditor Effective Date: 1 st May 2010 Review Schedule: Annual Last Review: 26 th September

More information

ACCOUNTING AND AUDITING UPDATE

ACCOUNTING AND AUDITING UPDATE ACCOUNTING AND AUDITING UPDATE August 2015 In this edition Impact of the new revenue standard on the real estate sector p1 Pushdown accounting: A new basis of accounting in separate financial statements

More information

Internal Guidelines on Corporate Governance of Fedbank Financial Services Limited PREAMBLE AND COMPANY S PHILOSOPHY ON CORPORATE GOVERNANCE:

Internal Guidelines on Corporate Governance of Fedbank Financial Services Limited PREAMBLE AND COMPANY S PHILOSOPHY ON CORPORATE GOVERNANCE: Internal Guidelines on Corporate Governance of Fedbank Financial Services Limited PREAMBLE AND COMPANY S PHILOSOPHY ON CORPORATE GOVERNANCE: Fedbank Financial Services Limited ( the Company/ Fedfina )

More information

January Technical Bulletin

January Technical Bulletin January 2014 Technical Bulletin TECHNICAL BULLETIN JANUARY 2014 1 TABLE OF CONTENTS 1. ACCOUNTING... 2 2. ASSURANCE... 11 This technical bulletin covers the various developments from October to December

More information

Ind AS pocket guide 2015 Concepts and principles of Ind AS in a nutshell

Ind AS pocket guide 2015 Concepts and principles of Ind AS in a nutshell Ind AS pocket guide 2015 Concepts and principles of Ind AS in a nutshell 2 PwC Introduction This pocket guide provides a brief summary of the recognition, measurement, presentation and disclosure requirements

More information

PwC ReportingInBrief. Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 13

PwC ReportingInBrief. Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 13 PwC ReportingInBrief Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 13 In brief The Ind AS Implementation Committee of the Institute of Chartered Accountants of India (ICAI) constituted

More information

SUMMARY OF IASB WORK PLAN AS AT 18 MAY 2017

SUMMARY OF IASB WORK PLAN AS AT 18 MAY 2017 SUMMARY OF IASB WORK PLAN AS AT 18 MAY 2017 Page Standard-setting and Related Projects... 2 Conceptual Framework... 2 Disclosure Initiative Materiality Practice Statement... 3 Disclosure Initiative Definition

More information

SUMMARY OF IASB WORK PLAN AS AT 7 NOVEMBER 2018

SUMMARY OF IASB WORK PLAN AS AT 7 NOVEMBER 2018 SUMMARY OF IASB WORK PLAN AS AT 7 NOVEMBER 2018 Page Standard-setting and Related Projects... 3 Management Commentary... 3 Rate-regulated Activities... 4 Research Projects... 5 Business Combinations under

More information

Loans and investments by companies

Loans and investments by companies 55 Loans and investments by companies Inter-corporate loans and investments are important sources of funds for every company. The 2013 Act contains stringent provisions for providing loans to directors

More information

Exposure Draft. Appendix B of Ind AS 21, Foreign Currency Transactions and Advance Consideration

Exposure Draft. Appendix B of Ind AS 21, Foreign Currency Transactions and Advance Consideration Exposure Draft Appendix B of Ind AS 21, Foreign Currency Transactions and Advance Consideration (Last date for the comments: 28 th April, 2017) Issued by Accounting Standards Board The Institute of Chartered

More information

Voices on Reporting. 22 April 2015

Voices on Reporting. 22 April 2015 22 April 2015 Agenda 1 ICDS - Overview and implementation 2 Significant impact areas 3 Next steps for ICDS implementation 4 Year end reminders: Key changes to the Companies Act, 2013 2 Welcome Series of

More information

HIGHLIGHTS OF THE COMPANIES (AMENDMENT) BILL, 2017

HIGHLIGHTS OF THE COMPANIES (AMENDMENT) BILL, 2017 HIGHLIGHTS OF THE COMPANIES (AMENDMENT) BILL, 2017 The has been passed by Rajya Sabha on December 19, 2017 and by Loksabha on July 27, 2017, which shall come into force on getting the President s assent.

More information

Regulatory framework on corporate governance

Regulatory framework on corporate governance Corporate Governance Framework in India By Vaish Associates Advocates delhi@vaishlaw.com Vinay Vaish vinay@vaishlaw.com Hitender Mehta hitender@vaishlaw.com Ever since India s biggest-ever corporate fraud

More information

Opening balance sheet 1 April Opening balance sheet 1 April Unlisted companies whose net worth is >= INR 250 crores but < INR 500 crores

Opening balance sheet 1 April Opening balance sheet 1 April Unlisted companies whose net worth is >= INR 250 crores but < INR 500 crores Step up to Ind AS Ind AS an overview India made a commitment towards the convergence of Indian accounting standards with IFRS at the G20 summit in 2009. In line with this, the Ministry of Corporate Affairs,

More information

Companies Act Provisions Related to Private Limited Companies. Udyog Software (India) Ltd. 20/08/2014

Companies Act Provisions Related to Private Limited Companies. Udyog Software (India) Ltd. 20/08/2014 Companies Act 2013 Provisions Related to Private Limited Companies Udyog Software (India) Ltd. 20/08/2014 This document contains a brief on Provisions Related to Private Limited Companies under Companies

More information

Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009

Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 Ministry : Securities and Exchange Board of India Notification No : LAD-NRO/GN/2008-2009/09/165992 Date : 10.06.2009 Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009

More information

Accounting and Auditing Update

Accounting and Auditing Update Accounting and Auditing Update Issue no. 10/2017 May 2017 www.kpmg.com/in Editorial Sai Venkateshwaran Partner and Head Accounting Advisory Services KPMG in India Ruchi Rastogi Executive Director Assurance

More information

RBI/ /34 RBI/ /DBR.FID.No. 1/ / August 04, 2016

RBI/ /34 RBI/ /DBR.FID.No. 1/ / August 04, 2016 RBI/2016-17/34 RBI/2016-17/DBR.FID.No. 1/01.02.000/2016-17 August 04, 2016 All India Financial Institutions (Exim Bank, NABARD, NHB and SIDBI) Madam / Dear Sir, Implementation of Indian Accounting Standards

More information

25 Key takeaways from Companies Amendment bill passed by Rajya Sabha

25 Key takeaways from Companies Amendment bill passed by Rajya Sabha 25 Key takeaways from Companies Amendment bill passed by Rajya Sabha The Companies (Amendment) Bill, 2017 has been passed by both the houses of parliament and is awaiting President's assent. The proposed

More information

Restructuring of companies

Restructuring of companies 65 Restructuring of companies Mergers and acquisitions are the common forms of restructuring and ways to expand undertaken by the companies. The objectives of such arrangements could vary from drawing

More information

Accounting and Auditing Update

Accounting and Auditing Update Accounting and Auditing Update Issue no. 21/2018 April 2018 www.kpmg.com/in Editorial The new revenue standard, Ind AS 115, Revenue Contracts with Customers provides guidance that applies to contracts

More information

VOLUNTARY LIQUIDATION OF CORPORATE PERSONS SECTION 59

VOLUNTARY LIQUIDATION OF CORPORATE PERSONS SECTION 59 VOLUNTARY LIQUIDATION OF CORPORATE PERSONS SECTION 59 Notification No. IBBI/2016-17/GN/REG010 dated 31st March, 2017 IBBI has notified the Insolvency and Bankruptcy Board of India (Voluntary Liquidation

More information

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 8

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 8 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 8 Ind AS Transition Facilitation Group (ITFG) of Ind AS (IFRS) Implementation Committee has been constituted for providing clarifications

More information

Accounting and Auditing Update

Accounting and Auditing Update Accounting and Auditing Update Issue no. 24/2018 July 2018 www.kpmg.com/in 2018 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with

More information

Overview of Indian Accounting Standards (Ind AS)

Overview of Indian Accounting Standards (Ind AS) Overview of Indian Accounting Standards (Ind AS) CA Rajkumar S Adukia B.Com (Hons), FCA, ACS, ACWA, LLB, DIPR, DLL &LP, IFRS(UK), MBA email id: rajkumarradukia@caaa.in Mob: 09820061049/09323061049 To receive

More information

MARAL OVERSEAS LIMITED POLICY ON RE LATED PARTY TRANSACTIONS

MARAL OVERSEAS LIMITED POLICY ON RE LATED PARTY TRANSACTIONS MARAL OVERSEAS LIMITED POLICY ON RE LATED PARTY TRANSACTIONS Amended by Board of Directors at its meeting held on, 31 st January, 2019 on the recommendation of Audit Committee. Preamble Applicability Definitions

More information

Voices on Reporting. 18 March 2015

Voices on Reporting. 18 March 2015 18 March 2015 Welcome Series of knowledge sharing calls Covering current and emerging reporting issues Scheduled towards the end of each month Look out for our Accounting and Auditing Update, IFRS Notes

More information

BCA - Workshop on NBFC St Regis Hotel Palladium, Mumbai 4 August 2016

BCA - Workshop on NBFC St Regis Hotel Palladium, Mumbai 4 August 2016 NBFC - Statutory Audit aspects under Companies Act, 2013 BCA - Workshop on NBFC St Regis Hotel Palladium, Mumbai 4 August 2016 Agenda 1 Key aspects of audit of NBFCs 2 Laws / Regulatory Aspects 3 Accounting

More information

Click to edit Master title style. Presentation of Financial Statements ( LKAS 1)

Click to edit Master title style. Presentation of Financial Statements ( LKAS 1) 1 Click to edit Master title style Presentation of Financial Statements ( LKAS 1) 2 1 LKAS 1 Presentation of Financial Statements 3 LKAS 1: Overview Objective Scope Components of financial statements Overall

More information

The SEBI ICDR and Listing Regulations checklists

The SEBI ICDR and Listing Regulations checklists The SEBI ICDR and Listing Regulations checklists February 2018 KPMG.com/in Foreword Introduction Planning for an IPO is like conducting a symphony it has several facets, each intrinsically linked to the

More information

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 2

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 2 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 2 The Accounting Standards Board (ASB) of the ICAI has constituted Ind AS Transition Facilitation Group (ITFG) 1 for providing clarifications

More information

IFRS Notes. Ind AS Transition Facilitation Group (ITFG) issues Clarifications Bulletin April KPMG.com/in

IFRS Notes. Ind AS Transition Facilitation Group (ITFG) issues Clarifications Bulletin April KPMG.com/in IFRS Notes Ind AS Transition Facilitation Group (ITFG) issues Clarifications Bulletin 15 18 April 2018 KPMG.com/in Introduction The Ind AS Transition Facilitation Group (ITFG) in its meeting considered

More information

Walker, Chandiok & Co

Walker, Chandiok & Co Initiation into IFRS Overview, Convergence, Roadmap, Framework and a Practical Perspective June 13, 2011 ICAI WIRC Mumbai, Juhu Princess Hotel CA Khushroo B. Panthaky Assurance Head & Western Region Practice

More information