Voices on Reporting : April 2016

VOR - April 2016

In this month’s call we covered key financial reporting and regulatory matters....



In this month’s call we covered key financial reporting and regulatory matters that are expected to be relevant for stakeholders as they approach the quarter ending 31 March 2016.

Our call included updates from the Ministry of Corporate Affairs (MCA), the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI), the Institute of Chartered Accountants of India (ICAI), the Insurance Regulatory and Development Authority of India (IRDA), etc. Some of the recent emerging issues on which we provided an update on the call were as follows:

  • Ind AS road map for Scheduled Commercial Banks/Insurer/Insurance Companies/NBFC's
  • The MCA has proposed to defer the applicability of Ind AS 115, Revenue from Contracts with Customers to financial year 2018 - 2019. Until then, Ind AS 11, Construction Contract and Ind AS 18 Revenue is proposed to apply
  • Draft Schedule III to the Companies Act, 2013 Act for financial statements as per Ind AS issued by MCA
  • Draft Companies (Auditor’s Report) Order, 2016 – proposed to apply from financial year 2015 – 2016 and onwards issued by MCA
  • Proposed recommendations of the Companies Law Committee Report 
  • Guidance notes on depreciation and reporting of frauds under Section 143(12) of the Companies Act, 2013 (Revised) issued by ICAI
  • The SEBI FAQs on certain provisions of the SEBI Listing Regulations, 2015 and SEBI (Share Based Employee Benefits) Regulations, 2014.

Slide deck - April 2016 (PDF, 969 KB)

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