Accounting and Auditing Update July 2015

Accounting and Auditing Update July 2015

This month we examine how the transport and logistics sector is expected to be impacted by the new revenue recognition standard Ind AS 115, Revenue from Contracts with Customers.

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Accounting and Auditing Update July 2015

The July 2015 edition of the Accountingand Auditing Update highlights some of the key accounting and regulatory requirements relating to schools in India.

This month we examine how the transport and logistics sector is expected to be impacted by the new revenue recognition standard Ind AS 115, Revenue from Contracts with Customers.

We also analyse the impacts of Ind AS implementation in India with respect to government grants and highlight the corresponding requirements of Income Computation and Disclosure Standards applicable with effect from 1 April 2015.

Additionally, we discuss the amendments made to the guidance on licences and identifying performance obligations by the Financial Accounting Standards Board (FASB). We also highlight how the International Accounting Standards Board (IASB) plans to address these issues in the IFRS version of the standard. 

Recently, the Reserve Bank of India (RBI) has allowed banks to undertake a Strategic Debt Restructuring (SDR) scheme by converting loan dues to equity shares. This month, we provide an overview of the guidelines issued by the RBI for effective implementation of the SDR.

Finally, in addition to our regular round up of regulatory updates, this edition also provides an overview of the new requirements on auditor’s reporting issued by the International Auditing and Assurance Standards Board (IAASB).

© 2016 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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