Indian News

• RBI revises norms for classifying UCBs as financially sound & well managed
• SEBI permits brokers to extend margin trading facility to equity ETFs
• Reserve Bank of India issues framework for Indian banks' foreign biz
• RBI announces 4-tiered regulatory framework for urban cooperative banks
• Govt proposes issuance of one licence for all insurance businesses
• e-Rupee: India's digital currency fails to excite interest, say bankers
• Sebi brings in net settlement of cash, F&O segment upon expiry of stock
• RBI's modified digital lending norms to come in effect from Dec 1
• Proposal to levy GST on cryptos likely to be put on backburner
• India-Australia FTA to come into effect on December 29: Piyush Goyal
• Market regulator Sebi plans simplified BRSR, ESG rating regulations
• SEBI limits active debt funds’ single-company exposure

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Budget News

• India plans to offer in Budget slew of incentives to boost shipbuilding industry, say sources
• Pre-budget consultations make finance ministry officials no wiser
• Crowdsourcing of ideas for Budget 2023-24 to continue till December 10
• FM Nirmala Sitharaman concludes pre-budget meetings: Here's what India wants
• Stay on fiscal glide path, boost capex in Budget: Economists to FM
• Why tax collections are likely to exceed Budget estimates
• Challenges in casting the tax net wider
• Centre invites suggestions, Dec 10 last date
• Miners' body seeks withdrawal of export duty on bauxite
• Central Trade Unions reject finance ministry’s 3-minute pre-budget consultation offer, to boycott deliberations
• Centre Might Increase CGST Target By 15% In Next Union Budget, Says Top Govt Official

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International News

• FRC sets out policy plans to increase competition and resilience in failing audit market
• Audit committee disclosures increase, right along with workload
• Chair Williams Says PCAOB Has No Authority to Inspect Audits of FTX
• PCAOB Finds Deficiencies at 21 Audit Firms
• The importance of filling the skills gap in the accountancy sector
• Nervous auditors re-examine crypto clients after FTX collapse
• PCAOB Hopes Updating Quality Control Rules
• In a 1st, UN to call shots on global tax rules
• Hong Kong exchange carries out first carbon credit trades
• Financial and non-financial reporting in the health sector
• FRC to fine Deloitte £440k over 2018 audit

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Legal Updates

• RBI Updates - Dec. 1, 2022
• SEBI Updates - Dec. 1, 2022
• IRDAI Clarification to Master Circular
• Customs Updates - Dec. 1, 2022
• Central Excise Updates - Dec. 1, 2022
• SEBI: Net settlement upon expiry of stock derivatives
• SEBI: Listing of securities issued on Private Placement basis - Review of timelines
• GST Instruction for IGST refunds
• SEBI: Credit Risk Based Limit notification
• Customs Circular: Improvements in SWIFT
• Customs Updates - Nov.29, 2022
• SEBI: Notification for change in control
• Income Tax: New Notifications
• Income Tax: Explanatory Notes to the provisions of the Finance Act, 2022

Reference Updates

• Article: Good Environment for Auditor Scepticism and Challenge
• ICAI Guidance Note: Transfer Pricing
• ICAI Announcement: Report on Audit Quality Review
• Article: GST: Research Paper on filing of TRAN-1
• IBBI Guidelines - New additions in November 2022
• SEBI Regulations - New additions in November 2022
• IBBI Guidelines
• ICAI Advisory: Use of prefix CA on social media
• ICAI: Updation of UDINs at e-filing Portal
• ICAI: Mandatory Evaluation of The Audit Quality Maturity of The Firms using Revised Audit Quality Maturity Model

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Important Notification / Circulars

MCA:
The Companies (Registered Valuers and Valuation) Amendment Rules, 2022

Income Tax:
Explanatory Notes to the provisions of the Finance Act, 2022​ [Circular No. 23]

Customs:
Faceless Assessment - Anonymized Escalation Mechanism & extension of Standard Examination Orders through RMS (Phase 1, Part 2) [Circular No.23]

Income Tax FAQs:

Co-Browser FAQs

Financial Reporting Council, UK

Documentation:

General principles for considering the public interest in our work

Drafts:

Consultation Document - Audit Committee Standard (November 2022)
[Last date for Comments: February 8, 2023]

Draft Minimum Standard for Audit Committees (November 2022)
[Last date for Comments: February 8, 2023]