Issue 8 | March 2017 | KPMG | IN

Issue 8 | March 2017

Issue 8 | March 2017

With this edition of the Accounting and Auditing Update, we complete the journey of the first year of Ind AS implementation by companies in India.

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With this edition of the Accounting and Auditing Update, we complete the journey of the first year of Ind AS implementation by companies in India. The year was full of activity with the notification of certain Sections of the Companies Act, 2013, proposals on Minimum Alternate Tax computation in relation to Ind AS, Securities and Exchange Board of India (SEBI) provided relaxations for the quarterly Ind AS financial information, Insolvency and Bankruptcy Code, 2016, etc. The month of March 2017 also had its share of important updates e.g. frequently asked questions on Income Computation and Disclosure Standards (ICDS) and SEBI revised the regulatory framework for schemes of arrangements by listed entities.

In this month’s Accounting and Auditing Update we examine an important accounting matter relating to the factors to consider while determining if entities such as e-commerce companies and trading companies are acting as an agent or a principal based on the principles of Ind AS.

The publication also features an interaction with Mr. Ashish Chauhan, MD and CEO, BSE Ltd. Our conversation with him explores the incentives and value propositions of International Financial Service Centre (IFSC), opportunities available to Small and Medium Enterprises (SMEs) to list, various regulatory changes and reporting requirements.

This month’s edition carries an article on the requirements relating to Corporate Social Responsibility (CSR) under the Companies Act, 2013. Over the last two years, the Ministry of Corporate Affairs (MCA) issued a number of amendments, clarifications including frequently asked questions on this topic. Our article summarises the requirements relating to CSR.

As is the case each month, we also cover a regular round-up of some recent regulatory updates in India and internationally.

Additionally, we successfully concluded our Second Annual KPMG Accounting, Reporting and Compliance Conference (KARCC) at Delhi (7 March 2017), Chennai (9 March 2017) and Mumbai (27 March 2017). The conference was a knowledge sharing platform which provided industry insights on the recent developments in the accounting, reporting and compliance matters. The underlying theme of the conference was executed through sessions by industry experts, regulators and panel discussions. In this month’s Accounting and Auditing Update we bring you highlights of the conference.

 

© 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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