Issue no. 6 | January 2017

Issue no. 6 | January 2017

AAU captures emerging accounting and financial reporting issues

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AAU IPO

Starting this month the Accounting and Auditing Update (AAU) includes a series of articles on the revised requirements of the Companies Act, 2013 (2013 Act). This month’s edition carries an article on the Related Party Transactions (RTPs). The article provides an overview of the revised requirements for RPTs under the 2013 Act and the Securities and Exchange Board of India (SEBI) regulations.

This publication also carries an article on Initial Public Offering (IPO), which is an important event for any unlisted company. The article focusses on challenges that companies are likely to face and the significant decisions to be taken while preparing the financial information.

Additionally, this publication carries an article on derecognition of a financial liabilities under Ind AS 109, Financial Instruments. Our article on this topic explains the accounting for modification or refinancing of a financial liability with the help of illustrative examples and a detailed flowchart.

Ind AS introduces many new terms and challenges in the field of financial reporting. This edition cast its lens on two such concepts under Ind AS: business combinations under common control and government incentives. The article on business combination discusses the definition of business combination under common control and highlights the factors that are likely to help assess whether a transaction falls under this category and explains the accounting with the help of examples. The other article highlights key considerations involved in the accounting for certain government grants under Ind AS.

The publication also carries regular round up of regulatory updates in India and internationally.

© 2017 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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