Indian News

• Ex-SEBI Chairman Ajay Tyagi criticises independent directors for quitting on flimsy grounds, calls them gatekeepers for good governance
• Companies can file CSR report for FY23 by March next year: MCA
• Excellent results from tech in detecting tax evasion: CBDT Chief
• RBI may consider changing CRR computation timing
• Fake companies and eway bills to spin Rs 10,000-crore GST fraud
• Filings on MCA portal surge since Jan revamp
• RBI imposes Rs 2.2 crore penalty on Indian Overseas Bank for non-compliance
• IRDAI directs SBI Life to take over Sahara India Life Insurance business
• RBI releases draft on cyber resilience, digital payment security controls
• CBIC reorganizes National Assessment Centre
• Angel tax-hit venture funds reach out to CBDT for relief
• Digital transactions in India highest in world but why is cash still king?
• New TER structure to pose challenge for smaller AMCs
• Uttar Pradesh govt launches 15-day mega registration drive for MSMEs
• Irdai issues Bima Vahaks draft to establish channel at Gram Panchayat level
• SEBI cancels Certificate of Registration of Karvy Stock Broking
• Sebi to auction properties of 7 business groups on June 28 to recover investors' money
• Prioritise depositors over shareholders: RBI deputy governor M K Jain
• I-T dept to keep open SFT returns filing portal for FY'23 for 'couple days'
• NFRA slaps Rs 1.10 cr fine, imposes ban on two auditors, one audit firm
• Bringing electricity under GST is likely to take 5-10 years: Sushil Kumar Modi
• Deloitte flags Adani Port transactions citing 'insufficient disclosures'
• Sebi proposes enhanced disclosure requirements for high-risk FPIs

Click here for complete Indian News Listings

International News

• Elon Musk is accused of insider trading by investors in Dogecoin lawsuit
• FASB tax disclosure plan draws fire
• Kill the Audit Industry, Says Ex-Auditor
• IASB consults on proposed amendments to IFRS for SMEs Accounting Standard related to international tax reform
• FASAB committee proposes changes to guidance on leases
• IPSASB issues package of measurement-related pronouncements
• IASB Issues Disclosure Rules to Boost Transparency around Terms of Supplier Finance Arrangements
• FRC: Scalebox launched to promote competition and quality for smaller audit firms
• ChatGPT aces CPA exam after prior version flunked
• ICAEW: New risks revealed in the traditional banking model
• UK companies watchdog proposes tougher disclosures on internal controls
• FRC minimum standard for audit committees ‘a step in the right direction’
• IASB amends tax accounting requirements to help companies respond to international tax reform
• FRC publishes minimum standard for audit committees
• PwC turns to AI for audit transformation
• IFAC issues anti-corruption tool for accountancy organisations
• Angry lawmakers accuse Fed of inaction in insider trading investigation
• PCAOB Moves Project on Audit Quality Indicators to Standard-Setting Agenda
• AICPA joins coalition to increase awareness of new BOI requirement
• ISSB transition respite will provide 'more consistency'
• US: Black taxpayers more likely to face audits, IRS confirms
• FASAB seeks feedback on its existing standards
• Sustainable accounting: The future of talent management
• FASB’s tax proposal will ‘change the game’

Click here for complete International News Listings

Reference Updates

• CA's Referencer: Ind AS - Disclosures Checklist
• Articles
• Income Tax Forms: Validation Rules for ITR 1 to ITR 4
• Income Tax FAQs: Liberalised Remittance Scheme (LRS) FAQs
• Income Tax Return eFiling Utilities for ITR 3
• Article: A Guide to GAAP
• Income Tax Return eFiling Utilities for ITR 2
• ICAI Announcement: Deferment of second phase of Peer Review Mandate
• RBI Master Circular: Income Recognition, Asset Classification, Provisioning and Other Related Matters - UCBs
• Article: Professional scepticism requires ‘right’ culture
• RBI Master Direction on KYC Norms
• Income Tax Return eFiling Utilities for ITR 4
• Income Tax Return eFiling Utilities for ITR 1
• Article: Detecting AML is not just a tick-box exercise for accountants
• RBI Master Circular- Prudential Norms on Capital Adequacy - Primary UCBs
• MCA eForms updated as on April 19, 2023
• ICAI: FAQs relating to professional ethics of members pertaining to Bank Assignments
• ICAI: Acceptance of certain assignments by the Concurrent Auditor of Bank Branches
• RBI Master Direction on Outsourcing of Information Technology Services
• ICAI Technical Guide on Disclosure and Reporting of Key Performance Indicators (KPIs) in Offer Documents
• RBI Master Circulars for 2023-24
• ICAI Advisory on Audit Trial Compliance by Clients
• ICAI Annoucements: Implementation Guide on Reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014
• ICAI: FAQs on Important Principles enunciated in Standards on Auditing w.r.t. Auditor’s Opinion and Audit Sampling
• Amended Income Tax Form 10BB

Tax Laws Update

• Customs Circular No.13: Faceless Assessment – Re-organisation of National Assessment Centres and Faceless Assessment Groups
• The ​Income-tax (8th Amendment) Rules, 2023 - Amendment to Rule 11UAC
• Customs: Exchange Rate Notification dated June 1, 2023
• Income Tax Seventh Amendment Rules, 2023 - Amendment of Rule 11AA
• Income Tax Notification No.33: e-Appeals Scheme, 2023
• Income Tax Sixth Amendment Rules, 2023 - Amendment to Form No.35
• GST Advisory on Filing of Declaration by GTA opting to pay tax under forward charge mechanism
• GST: Advisory on due date extension of GST Returns for the state of Manipur
• GST Instruction No.2: Standard Operating Procedure for Scrutiny of Returns for FY 2019-20 onwards
• Customs Instruction No.18: Clarification on Classification of product DHA Algal Oil
• Income Tax Notification: Leave encashment limit for non-govt employees notified
• Income Tax Notification: Conditional exemption from section 56(2)(viib) - Calculation of Fair Market Value of shares
• Income Tax Notification: Investment from 21 countries to be exempt from angel tax
• GST Due Date extension notifications for Manipur
• Income Tax: Guidelines for compulsory selection of returns for Complete Scrutiny during the FY 2023-24
• Income Tax Circular No.6: Clarification regarding provisions relating to charitable and religious trusts
• Customs Circular No.12: Foreign Trade Policy 2023

Corporate Laws Update

• SEBI: Transactions in corporate bonds through Request for Quote platform by Stock Brokers (SBs)
• DGFT: Introduction of Online facility of requesting appointment for virtual meeting/personal hearing to the exporters from offices of DGFT
• SEBI: Master Circular on Electronic Gold Receipts
• SEBI: Comprehensive guidelines for IPF and ISF at Stock Exchanges and Depositories
• Post Office Saving Schemes Notification: Income Proof mandatory for Investments over Rs.10 lakhs
• DGFT Update - May 29, 2023
• DGFT Trade Notice No.5: Amendment under Interest Equalisation Scheme
• IBBI: NCLT Order regarding production of Information Utilities Record
• SEBI: Model Tripartite Agreement between the Issuer Company, Existing Share Transfer Agent and New Share Transfer Agent
• DGFT: Amendment in Export Policy of Broken Rice under HS Code
• DGFT: Amendment in Export Policy of Cough Syrup
• SEBI: Revision in computation of Core Settlement Guarantee Fund in Commodity Derivatives Segment
• SEBI: REITs - Dematerialization of securities of Hold Cos and SPVs
• SEBI: InvITs - Dematerialization of securities of Hold Cos and SPVs
• RBI: ₹2000 Denomination Banknotes – Maintaining Daily Data
• SEBI Master Circular for Mutual Funds
• IRDAI: Dedicated email IDs as single Point(s) of correspondence for the applicants

From the ICAI

ICAI Announcements

Accounting Standards

Accounting Standards for Local Bodies

Indian Accounting Standards - Ind AS 

Ind AS Technical Facilitation Group (ITFG)

Standards on Quality Control (SQCs)

Standards on Internal Audit

Guidance Notes [Includes GN for Bank Audits - 2023 edition]

International Content

International Financial Reporting Standards (IFRS)

IFAC Workbook:
Global Fight, Local Actions:
Anti-Corruption Advocacy Workbook for PAOs

Financial Reporting Council (UK):
Technical Actuarial Standard 100: General Actuarial Standards
Version 2.0 [Published in March 2023]

International Ethics Standards Board for Accountants [IESBA]: 
[Published in February 2023]  

Revisions to the Code Relating to the Definition of Engagement Team and Group Audits

Basis for Conclusions

Thematic Review: IFRS 9 Banking Audit Methodology and its Application 
[Published in February 2023]

Exposure Drafts

• RBI Draft: Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators
• IFRS Draft: International Tax Reform—Pillar Two Model Rules - Proposed amendments to the IFRS for SMEs Standard
• FASAB Draft: Leases Implementation Guidance - Amendments to Technical Release 20
• IRDAI Draft: Bima Vahak Guidelines
• SEBI Draft: Framework for mandating additional disclosures from FPIs that fulfil certain objective criteria

Go to the "Exposure Drafts" listings to access all Exposure Drafts

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