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Accounting and Auditing Update - Monthly publication
Key takeaways
- Covers emerging topics on Ind AS, an update on the Companies Act, 2013 and other important regulatory and financial reporting updates in India and internationally.
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The July 2017 edition covers the following topics:
- GST and Ind AS financial reporting
- Computation of EIR for floating-rate instruments
- Declaration and payment of dividend under the Companies Act, 2013
- Accounting policies and changes under Ind AS
- Regulatory updates
Ind AS - Practical perspectives
Key takeaways
- Publication aims to put a finger on the pulse of India Inc’s adoption of Ind AS and capture emerging trends and practices.
- Impact assessment is based on BSE 100 companies – first group of companies to report Ind AS numbers for the financial year ended 31 March 2017.
- Covered companies have been further categorised into 12 broad sectors.
- Identifies significant financial reporting areas that have had an impact on companies’ profits.
IFRS Notes
Key takeaways
- ‘Hot, off the press’ update on key developments related to Ind AS and IFRS implementation in India.
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During the month of July 2017, IFRS Notes on the following topics have been issued:
- ICAI issues exposure draft of Ind AS 116, Leases
- CBDT issues FAQs on computation of book profit for levy of MAT and proposes amendment to Section 115JB
- KPMG IFRG released First Impressions: IFRS 17, Insurance Contracts
- Ind AS Transition Facilitation Group (ITFG) issues Clarifications Bulletin 10.