This document outlines disclosure requirements for financial information in offer documents for Real Estate Investment Trusts (REITs) in India. It requires REITs to disclose 3 years of audited financial statements on both a standalone and consolidated basis, as well as interim financials if the last fiscal year end was over 6 months before the offer date. It specifies the content and basis of preparation for the financial statements and additional required disclosures around property-level income, earnings per unit, related party transactions, contingent liabilities, commitments, and a capitalization statement.
This document provides a compliance checklist summarizing the key disclosure requirements and timelines that listed entities must follow under the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. It outlines 14 major provisions requiring compliance certificates, statements, reports and other disclosures to be filed within specified timeframes ranging from within 21 days to 1 month. It also lists 3 new policies that must be adopted around preservation of documents, determining materiality of events, and archival of information. The checklist is intended to help listed companies maintain compliance with the continuous disclosure obligations under securities regulations.
The document outlines various time limits and compliance requirements for listed entities as per the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. Some key requirements include having a minimum of 3 directors on the board, holding board meetings at least once every 120 days, forming committees like the audit committee and nomination & remuneration committee, and quarterly and annual financial disclosures within 45 and 60 days respectively of the end of the period. It also specifies various other periodic disclosures around shareholding patterns, outcome of board meetings, related party transactions, and procedures regarding share transfers within prescribed timelines.
The document provides instructions and guidelines for preparing quarterly electronic Tax Deducted at Source (eTDS) data in India for the assessment year 2009-2010. It includes an overview of the key systems involved like OLTAS and ERACS. It discusses the sections under which TDS is charged, why eTDS is necessary, the phases of implementation and furnishing eTDS returns through the TIN Facilitation Centers. It also provides details on the file formats, sections covered, websites for software and steps for data preparation using the Return Preparation Utility.
Revised Formats for Financial Results Sebi latest GAURAV KR SHARMA
Revised Formats for Financial Results and Implementation of Ind AS by listed entities which have listed their debt securities and/or non-cumulative redeemable preference shares
This document discusses the organization of accounting in the Philippines from pre-Spanish times to the present. It outlines the key institutions and laws that have shaped the accounting profession and regulatory framework in the country over time. Major developments include the establishment of the first accounting firm by the British in the 1700s, the initial growth period of public accounting in the 1920s-1930s under U.S. influence, adoption of international accounting standards in 1996, and the current legislative and institutional framework governing Philippine accounting and auditing. This framework is regulated by organizations such as the SEC, BIR, COA, DOF, DBM, DBCC, PICPA and BOA.
This document provides an overview of tax collection and recovery provisions under the Income Tax Act of India (Sections 190-234D). It discusses general principles of deduction at source, direct payment of tax, and various types of deductions including for salaries (Section 192), interest on securities (Section 193), and dividends (Section 194). The summary focuses on high-level topics covered rather than detailed legal provisions.
Latest Compliance's as per Listing Obligation Disclosures Requirements GAURAV KR SHARMA
The document provides a compliance calendar for listed companies under SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. It outlines various regulatory filings and their due dates on a quarterly and half-yearly basis. This includes requirements for submitting quarterly corporate governance reports, shareholding patterns, financial results, and other periodic disclosures. Listed companies must make these regulatory filings through NEAPS or BSE Listing Centre within the stipulated timelines specified in the calendar.
The document outlines procedures for the collection and recovery of tax in Pakistan. It discusses:
- Due dates for tax payment and options for installment plans or extensions.
- Recovery of unpaid taxes through attachment of property, appointment of receivers, or arrest of taxpayers.
- Recovery assistance from district revenue officers, bankruptcy estates, private companies, and persons holding money for taxpayers.
- Specific procedures for non-resident ship owners, aircraft owners, and persons about to leave the country.
This document provides a compliance checklist summarizing the key disclosure requirements and timelines that listed entities must follow under the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. It outlines 14 major provisions requiring compliance certificates, statements, reports and other disclosures to be filed within specified timeframes ranging from within 21 days to 1 month. It also lists 3 new policies that must be adopted around preservation of documents, determining materiality of events, and archival of information. The checklist is intended to help listed companies maintain compliance with the continuous disclosure obligations under securities regulations.
The document outlines various time limits and compliance requirements for listed entities as per the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. Some key requirements include having a minimum of 3 directors on the board, holding board meetings at least once every 120 days, forming committees like the audit committee and nomination & remuneration committee, and quarterly and annual financial disclosures within 45 and 60 days respectively of the end of the period. It also specifies various other periodic disclosures around shareholding patterns, outcome of board meetings, related party transactions, and procedures regarding share transfers within prescribed timelines.
The document provides instructions and guidelines for preparing quarterly electronic Tax Deducted at Source (eTDS) data in India for the assessment year 2009-2010. It includes an overview of the key systems involved like OLTAS and ERACS. It discusses the sections under which TDS is charged, why eTDS is necessary, the phases of implementation and furnishing eTDS returns through the TIN Facilitation Centers. It also provides details on the file formats, sections covered, websites for software and steps for data preparation using the Return Preparation Utility.
Revised Formats for Financial Results Sebi latest GAURAV KR SHARMA
Revised Formats for Financial Results and Implementation of Ind AS by listed entities which have listed their debt securities and/or non-cumulative redeemable preference shares
This document discusses the organization of accounting in the Philippines from pre-Spanish times to the present. It outlines the key institutions and laws that have shaped the accounting profession and regulatory framework in the country over time. Major developments include the establishment of the first accounting firm by the British in the 1700s, the initial growth period of public accounting in the 1920s-1930s under U.S. influence, adoption of international accounting standards in 1996, and the current legislative and institutional framework governing Philippine accounting and auditing. This framework is regulated by organizations such as the SEC, BIR, COA, DOF, DBM, DBCC, PICPA and BOA.
This document provides an overview of tax collection and recovery provisions under the Income Tax Act of India (Sections 190-234D). It discusses general principles of deduction at source, direct payment of tax, and various types of deductions including for salaries (Section 192), interest on securities (Section 193), and dividends (Section 194). The summary focuses on high-level topics covered rather than detailed legal provisions.
Latest Compliance's as per Listing Obligation Disclosures Requirements GAURAV KR SHARMA
The document provides a compliance calendar for listed companies under SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. It outlines various regulatory filings and their due dates on a quarterly and half-yearly basis. This includes requirements for submitting quarterly corporate governance reports, shareholding patterns, financial results, and other periodic disclosures. Listed companies must make these regulatory filings through NEAPS or BSE Listing Centre within the stipulated timelines specified in the calendar.
The document outlines procedures for the collection and recovery of tax in Pakistan. It discusses:
- Due dates for tax payment and options for installment plans or extensions.
- Recovery of unpaid taxes through attachment of property, appointment of receivers, or arrest of taxpayers.
- Recovery assistance from district revenue officers, bankruptcy estates, private companies, and persons holding money for taxpayers.
- Specific procedures for non-resident ship owners, aircraft owners, and persons about to leave the country.
This document outlines procedures for the collection and recovery of tax in Pakistan, including:
- Due dates for tax payment and options for installment plans or extensions.
- Recovery methods for unpaid taxes such as attaching and selling property, appointing receivers, or arresting the taxpayer for up to 6 months.
- Specific provisions for private companies, associations of persons, bankruptcies, non-residents, ships/aircrafts, and persons leaving the country to ensure taxes can still be recovered.
- Powers given to the Commissioner and District Officers to certify unpaid taxes and recover them as if they were civil debts or land revenue.
The Present Publication is the 57th Edition & Updated till Income-tax (20th Amendment) Rules, 2020 with the following noteworthy features:
·Taxmann’s series of Bestseller Books for more than Five
Decades
· Incorporates all the changes made till the Income-tax (20th
Amendment) Rules, 2020
· Follows the Six Sigma Approach to Achieve the Benchmark of
‘Zero Error’
· Coverage of this book includes:
o All Rules and Schemes, which are either notified under the Income-tax Act or are referred to in different provisions of the Income-tax Act, are covered
o Contains 23 divisions covering all Rules relevant under the Income-tax Act i.e.,
§ Income-tax Rules
§ ICDS
§ STT Rules
§ Equalisation Levy Rules
§ Small Saving Schemes, etc.
· All Forms Carry Action Points that explains the Relevant
Provisions and Process of Filing
· All Redundant and e-Forms are Marked for Quick
Identifications
This document discusses financial management procedures for the government as outlined in the Financial Code. It covers topics like receipts, expenditures, contingent charges, stores procurement, and payments. Key points include:
- Receipts come from taxes/fees while expenditures are for ordinary/capital costs and loans/advances. Proper collection and authorization is required.
- Expenditure must be authorized, funded, and for legitimate need. Sanctions lapse after a year if not used. Contracts require proper approval.
- Contingent charges for minor costs are delegated but recorded. Drawals can be from advances or bills requiring authorization.
- Stores include materials and goods purchased through directors or approved vendors following
The document summarizes Kenya's Public Audit Act, which establishes rules and procedures for auditing the accounts of the Kenyan government, state corporations, and local authorities. It outlines requirements for preparing and submitting various accounts, the Controller and Auditor-General's duties to audit accounts and report findings to the National Assembly, and establishes the Kenya National Audit Office and Commission.
- The document is Hyundai Capital Services' condensed consolidated interim financial statements for the period ended September 30, 2018. It includes the statements of financial position, comprehensive income, changes in equity, and cash flows, as well as notes to the financial statements.
- The independent auditors' review report indicates that the financial statements were reviewed in accordance with relevant standards and that nothing came to the auditors' attention to indicate the statements were not prepared according to applicable accounting standards.
- As of September 30, 2018, Hyundai Capital Services' total assets were KRW 29.8 trillion and total liabilities were KRW 25.7 trillion, resulting in total equity of KRW 4.1 trillion.
The document outlines the key principles and responsibilities of the Commission on Audit (COA) of the Philippines based on the Government Auditing Code. It establishes that the COA, composed of a Chairman and two Commissioners, is responsible for auditing all government accounts, funds, and property. It has the authority to examine documents, accounts of public utilities, investigate irregularities, and take actions such as seizing offices and distraining property in cases of financial issues.
Reconciliation Statement and Certification under GST - Form GSTR 9CDVSResearchFoundatio
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. There are various periodic compliance requirements and filings under GST. Under the Act, certain registered persons are required to carry out GST Audit and in such cases a reconciliation statement in Form GSTR 9C has to be filed. In this webinar, we shall analyse and understand the said form under the Act.
This document provides information about GST returns in India. It defines what a GST return is and details that are required to file returns such as purchases, sales, debit/credit notes, output and input tax credits. It outlines the different types of GST returns like GSTR-1, GSTR-3B, GSTR-9, etc. and provides details on what information is included in each return. It also discusses late filing fees and interest charges for late/delayed GST returns and extensions provided for return filing due dates during COVID-19. In the end, it briefly introduces the new proposed GST return system with simplified return forms.
The document provides information on the due dates for filing annual GST returns and audit for the 2018-19 financial year. It discusses the applicability of audit requirements based on aggregate turnover, which is the total value of taxable, exempt and export supplies across all registrations with the same PAN. It also summarizes the key parts and tables in form GSTR-9 for filing the annual return and highlights important points about filing, consequences of late or non-filing, and how to analyze the details required in the different sections.
Annual Accounts of General Insurance Companyrajanva
1) The document outlines the regulations for preparing financial statements and auditor's reports for non-life insurance companies (NLICs) in India as per the Insurance Regulatory and Development Authority (IRDA).
2) Key requirements include applying accounting standards issued by ICAI except for AS3 and AS17, preparing cash flow statements under the direct method, and recognizing premium revenue based on the pattern of risk exposure.
3) Investments must be measured at historical cost subject to amortization for debt securities, and at fair value for listed equity securities. Loans are measured at historical cost with impairment provisions.
4) Schedule B provides the format for the financial statements and required disclosures, while Schedule C
The document provides guidance to tax auditors for filling out Form 3CD, which is used for tax audit reports in India. It explains the various clauses in Part A and Part B of the form, providing details on what information should be reported for each clause. Some key points covered include reporting the name, address and PAN of the assessee, nature of business, books of accounts maintained, method of accounting and valuation of inventory, capital assets converted to stock, and amounts not credited to profit and loss. The document aims to help auditors properly fill out each section of the form based on information obtained from the assessee.
PAN intimation and new AIR reporting requirementsDK Bholusaria
This document discusses new rules regarding PAN intimations and annual information reporting (AIR) under sections 139A(5) and 285BA(1) of the Income Tax Act. Key points:
- New rules expand the scope of transactions requiring PAN to be quoted, such as purchase of life insurance, debentures, mutual funds, and transactions over Rs. 50,000.
- Specified persons like banks and brokers are responsible for ensuring PAN is quoted and submitting half-yearly statements of declarations received on Form 60 for transactions without PAN.
- AIR reporting now requires additional information from banks on cash transactions over Rs. 50,000, including deposits, withdrawals and purchase of bank
Special Audits Office Report #2012-03 PDAF and VLIPNowPlanetTV
The document is a report from the Special Audits Office summarizing its audit of the Priority Development Assistance Fund (PDAF) and Various Infrastructures including Local Projects (VILP) from 2007 to 2009. It found issues with how funds from these programs were allocated and implemented. Key findings included releases not being properly assessed and monitored, funds being transferred to NGOs without proper approval or documentation, questionable transactions by NGOs, and infrastructure projects having deficiencies or being built on private property. The report provided recommendations and annexes with more detailed findings.
This document provides instructions for completing Indonesia's income tax return form for individual taxpayers. It outlines general instructions, including that taxpayers must file a truthful and complete return signed within 3 months of the tax year's end. It also describes requirements for taxpayers who maintain bookkeeping records or apply deemed net income calculations, and includes attachments with forms for calculating domestic net income from business/self-employment and other income sources.
The document provides information about filing GST annual returns, including practical issues and concerns. It discusses key details like the statutory requirement to file annual returns, consequences of non-compliance, important dates and deadlines. It emphasizes the importance of annual returns for claiming input tax credit, adjusting credit and debit notes, retention of accounts, and timelines for assessments. The annual return aims to consolidate transaction details declared over the previous 15 months in GSTR-1, GSTR-3B and other returns.
The document discusses changes to the Indian income tax return (ITR) forms for the assessment year 2018-19. Key changes include:
1) Only resident individuals can now use ITR-1, removing non-resident and not ordinarily resident individuals. ITR-1 also requires additional details for salary and house property income.
2) ITR forms 1-4 introduce a new late filing fee under section 234F if the return is filed after the due date.
3) ITR-4 requires additional financial details for those filing under presumptive taxation schemes.
4) ITR forms 3, 5, and 6 now require reporting of goods and services tax (GST) details
The document summarizes key sections of the Companies Bill 2012 related to accounting and auditing standards. It discusses requirements for companies to maintain books of accounts and prepare financial statements according to accounting standards. It also covers constitution of the National Financial Reporting Authority to set accounting and auditing standards and oversee compliance. The summary establishes that companies will have increased compliance responsibilities and reporting requirements around their financial statements, books of accounts, and audits.
The document discusses the role and powers of an Assistant Commissioner of Income Tax in Pakistan. It outlines the hierarchy within the Income Tax Authority and lists the key functions of an Assistant Commissioner, which include ensuring tax collection and refunds, widening the tax base, and conducting searches and seizures. It also lists some of the statutory powers granted to income tax officers, such as requiring production of evidence and books of accounts. Finally, it provides details on the current Assistant Commissioner of Income Tax, Asif Jamali, including his roles at the Federal Board of Revenue in Islamabad.
This document provides information on TDS requirements for foreign remittances under Indian law. It notes that TDS must be deducted on payments to non-residents according to section 195 of the Income Tax Act. Form 15CA must be filed for remittances over Rs. 50,000 or Rs. 2.5 lakhs annually along with Form 15CB from a chartered accountant. The proper procedure for deducting and depositing TDS is outlined. Implications of sections 195, 206AA, and tax treaties are discussed. The importance of obtaining a tax residency certificate for claiming treaty benefits is also explained.
Stefano is a cyclist who wants to increase his yearly riding distance. To do so over the winter months, when Berlin is cold and dark, he plans to train extensively at the indoor velodrome. He will create a podcast to document his training and participation in fixed gear cycling races, with the goal of taking part in the Fixed42 World Championships in June. The podcast will help motivate his training and allow him to share his experiences with others. He hopes to gain sponsors to help launch and promote the podcast.
El documento presenta un programa de estudios dividido en cuatro parciales. Cada parcial contiene varias semanas de contenido con objetivos conceptuales, procedimentales y actitudinales. Los métodos incluyen investigación, discusión, evaluaciones escritas y presentación de informes. Los temas cubiertos son conceptos básicos de derecho administrativo como jerarquías normativas, tipos de leyes y decretos, potestades administrativas y procedimientos.
This document outlines procedures for the collection and recovery of tax in Pakistan, including:
- Due dates for tax payment and options for installment plans or extensions.
- Recovery methods for unpaid taxes such as attaching and selling property, appointing receivers, or arresting the taxpayer for up to 6 months.
- Specific provisions for private companies, associations of persons, bankruptcies, non-residents, ships/aircrafts, and persons leaving the country to ensure taxes can still be recovered.
- Powers given to the Commissioner and District Officers to certify unpaid taxes and recover them as if they were civil debts or land revenue.
The Present Publication is the 57th Edition & Updated till Income-tax (20th Amendment) Rules, 2020 with the following noteworthy features:
·Taxmann’s series of Bestseller Books for more than Five
Decades
· Incorporates all the changes made till the Income-tax (20th
Amendment) Rules, 2020
· Follows the Six Sigma Approach to Achieve the Benchmark of
‘Zero Error’
· Coverage of this book includes:
o All Rules and Schemes, which are either notified under the Income-tax Act or are referred to in different provisions of the Income-tax Act, are covered
o Contains 23 divisions covering all Rules relevant under the Income-tax Act i.e.,
§ Income-tax Rules
§ ICDS
§ STT Rules
§ Equalisation Levy Rules
§ Small Saving Schemes, etc.
· All Forms Carry Action Points that explains the Relevant
Provisions and Process of Filing
· All Redundant and e-Forms are Marked for Quick
Identifications
This document discusses financial management procedures for the government as outlined in the Financial Code. It covers topics like receipts, expenditures, contingent charges, stores procurement, and payments. Key points include:
- Receipts come from taxes/fees while expenditures are for ordinary/capital costs and loans/advances. Proper collection and authorization is required.
- Expenditure must be authorized, funded, and for legitimate need. Sanctions lapse after a year if not used. Contracts require proper approval.
- Contingent charges for minor costs are delegated but recorded. Drawals can be from advances or bills requiring authorization.
- Stores include materials and goods purchased through directors or approved vendors following
The document summarizes Kenya's Public Audit Act, which establishes rules and procedures for auditing the accounts of the Kenyan government, state corporations, and local authorities. It outlines requirements for preparing and submitting various accounts, the Controller and Auditor-General's duties to audit accounts and report findings to the National Assembly, and establishes the Kenya National Audit Office and Commission.
- The document is Hyundai Capital Services' condensed consolidated interim financial statements for the period ended September 30, 2018. It includes the statements of financial position, comprehensive income, changes in equity, and cash flows, as well as notes to the financial statements.
- The independent auditors' review report indicates that the financial statements were reviewed in accordance with relevant standards and that nothing came to the auditors' attention to indicate the statements were not prepared according to applicable accounting standards.
- As of September 30, 2018, Hyundai Capital Services' total assets were KRW 29.8 trillion and total liabilities were KRW 25.7 trillion, resulting in total equity of KRW 4.1 trillion.
The document outlines the key principles and responsibilities of the Commission on Audit (COA) of the Philippines based on the Government Auditing Code. It establishes that the COA, composed of a Chairman and two Commissioners, is responsible for auditing all government accounts, funds, and property. It has the authority to examine documents, accounts of public utilities, investigate irregularities, and take actions such as seizing offices and distraining property in cases of financial issues.
Reconciliation Statement and Certification under GST - Form GSTR 9CDVSResearchFoundatio
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. There are various periodic compliance requirements and filings under GST. Under the Act, certain registered persons are required to carry out GST Audit and in such cases a reconciliation statement in Form GSTR 9C has to be filed. In this webinar, we shall analyse and understand the said form under the Act.
This document provides information about GST returns in India. It defines what a GST return is and details that are required to file returns such as purchases, sales, debit/credit notes, output and input tax credits. It outlines the different types of GST returns like GSTR-1, GSTR-3B, GSTR-9, etc. and provides details on what information is included in each return. It also discusses late filing fees and interest charges for late/delayed GST returns and extensions provided for return filing due dates during COVID-19. In the end, it briefly introduces the new proposed GST return system with simplified return forms.
The document provides information on the due dates for filing annual GST returns and audit for the 2018-19 financial year. It discusses the applicability of audit requirements based on aggregate turnover, which is the total value of taxable, exempt and export supplies across all registrations with the same PAN. It also summarizes the key parts and tables in form GSTR-9 for filing the annual return and highlights important points about filing, consequences of late or non-filing, and how to analyze the details required in the different sections.
Annual Accounts of General Insurance Companyrajanva
1) The document outlines the regulations for preparing financial statements and auditor's reports for non-life insurance companies (NLICs) in India as per the Insurance Regulatory and Development Authority (IRDA).
2) Key requirements include applying accounting standards issued by ICAI except for AS3 and AS17, preparing cash flow statements under the direct method, and recognizing premium revenue based on the pattern of risk exposure.
3) Investments must be measured at historical cost subject to amortization for debt securities, and at fair value for listed equity securities. Loans are measured at historical cost with impairment provisions.
4) Schedule B provides the format for the financial statements and required disclosures, while Schedule C
The document provides guidance to tax auditors for filling out Form 3CD, which is used for tax audit reports in India. It explains the various clauses in Part A and Part B of the form, providing details on what information should be reported for each clause. Some key points covered include reporting the name, address and PAN of the assessee, nature of business, books of accounts maintained, method of accounting and valuation of inventory, capital assets converted to stock, and amounts not credited to profit and loss. The document aims to help auditors properly fill out each section of the form based on information obtained from the assessee.
PAN intimation and new AIR reporting requirementsDK Bholusaria
This document discusses new rules regarding PAN intimations and annual information reporting (AIR) under sections 139A(5) and 285BA(1) of the Income Tax Act. Key points:
- New rules expand the scope of transactions requiring PAN to be quoted, such as purchase of life insurance, debentures, mutual funds, and transactions over Rs. 50,000.
- Specified persons like banks and brokers are responsible for ensuring PAN is quoted and submitting half-yearly statements of declarations received on Form 60 for transactions without PAN.
- AIR reporting now requires additional information from banks on cash transactions over Rs. 50,000, including deposits, withdrawals and purchase of bank
Special Audits Office Report #2012-03 PDAF and VLIPNowPlanetTV
The document is a report from the Special Audits Office summarizing its audit of the Priority Development Assistance Fund (PDAF) and Various Infrastructures including Local Projects (VILP) from 2007 to 2009. It found issues with how funds from these programs were allocated and implemented. Key findings included releases not being properly assessed and monitored, funds being transferred to NGOs without proper approval or documentation, questionable transactions by NGOs, and infrastructure projects having deficiencies or being built on private property. The report provided recommendations and annexes with more detailed findings.
This document provides instructions for completing Indonesia's income tax return form for individual taxpayers. It outlines general instructions, including that taxpayers must file a truthful and complete return signed within 3 months of the tax year's end. It also describes requirements for taxpayers who maintain bookkeeping records or apply deemed net income calculations, and includes attachments with forms for calculating domestic net income from business/self-employment and other income sources.
The document provides information about filing GST annual returns, including practical issues and concerns. It discusses key details like the statutory requirement to file annual returns, consequences of non-compliance, important dates and deadlines. It emphasizes the importance of annual returns for claiming input tax credit, adjusting credit and debit notes, retention of accounts, and timelines for assessments. The annual return aims to consolidate transaction details declared over the previous 15 months in GSTR-1, GSTR-3B and other returns.
The document discusses changes to the Indian income tax return (ITR) forms for the assessment year 2018-19. Key changes include:
1) Only resident individuals can now use ITR-1, removing non-resident and not ordinarily resident individuals. ITR-1 also requires additional details for salary and house property income.
2) ITR forms 1-4 introduce a new late filing fee under section 234F if the return is filed after the due date.
3) ITR-4 requires additional financial details for those filing under presumptive taxation schemes.
4) ITR forms 3, 5, and 6 now require reporting of goods and services tax (GST) details
The document summarizes key sections of the Companies Bill 2012 related to accounting and auditing standards. It discusses requirements for companies to maintain books of accounts and prepare financial statements according to accounting standards. It also covers constitution of the National Financial Reporting Authority to set accounting and auditing standards and oversee compliance. The summary establishes that companies will have increased compliance responsibilities and reporting requirements around their financial statements, books of accounts, and audits.
The document discusses the role and powers of an Assistant Commissioner of Income Tax in Pakistan. It outlines the hierarchy within the Income Tax Authority and lists the key functions of an Assistant Commissioner, which include ensuring tax collection and refunds, widening the tax base, and conducting searches and seizures. It also lists some of the statutory powers granted to income tax officers, such as requiring production of evidence and books of accounts. Finally, it provides details on the current Assistant Commissioner of Income Tax, Asif Jamali, including his roles at the Federal Board of Revenue in Islamabad.
This document provides information on TDS requirements for foreign remittances under Indian law. It notes that TDS must be deducted on payments to non-residents according to section 195 of the Income Tax Act. Form 15CA must be filed for remittances over Rs. 50,000 or Rs. 2.5 lakhs annually along with Form 15CB from a chartered accountant. The proper procedure for deducting and depositing TDS is outlined. Implications of sections 195, 206AA, and tax treaties are discussed. The importance of obtaining a tax residency certificate for claiming treaty benefits is also explained.
Stefano is a cyclist who wants to increase his yearly riding distance. To do so over the winter months, when Berlin is cold and dark, he plans to train extensively at the indoor velodrome. He will create a podcast to document his training and participation in fixed gear cycling races, with the goal of taking part in the Fixed42 World Championships in June. The podcast will help motivate his training and allow him to share his experiences with others. He hopes to gain sponsors to help launch and promote the podcast.
El documento presenta un programa de estudios dividido en cuatro parciales. Cada parcial contiene varias semanas de contenido con objetivos conceptuales, procedimentales y actitudinales. Los métodos incluyen investigación, discusión, evaluaciones escritas y presentación de informes. Los temas cubiertos son conceptos básicos de derecho administrativo como jerarquías normativas, tipos de leyes y decretos, potestades administrativas y procedimientos.
A mansão da pedra torta (psicografia vera lúcia marinzeck de carvalho espír...Ricardo Akerman
Espiritismo, Doutrina espírita, Kardecismo ou Espiritismo kardecista é uma doutrina religiosa e filosófica mediúnica ou moderno espiritualista. Foi "codificada" (ou seja, tomou corpo de doutrina - pela universalidade dos ensinos dos espíritos) pelo pedagogo francês Hippolyte Léon Denizard Rivail, usando o pseudônimo Allan Kardec.
Apesar de ser uma religião completa e autônoma apenas no Brasil, o espiritismo tem se expandido e, segundo dados do ano 2005, conta com cerca de 15 milhões de adeptos espalhados entre diversos países, como Portugal, Espanha, França, Reino Unido, Bélgica Estados Unidos, Japão, Alemanha, Argentina, Canadá, e, principalmente, Cuba, Jamaica e Brasil, sendo que este último tem a maior quantidade de adeptos no mundo. No entanto, vale frisar que é difícil estipular a quantidade existente de espíritas, pois as principais estipulações sobre isso são baseadas em censos demográficos em que se é perguntado qual a religião dos cidadãos, porém nem todos os espíritas interpretam o Espiritismo como religião.
5 mejores comidas para el cabello hermoso - Thermo Group CAThermo Group CA
El documento lista 5 comidas que son buenas para el cabello hermoso: arroz integral, rico en vitamina B que mejora la elasticidad y reduce la fragilidad; chards suizos, ricos en magnesio, vitamina C y azufre que hacen el cabello más resistente, brillante y menos propenso a enredarse; higos, que contienen hierro para mejorar la circulación y estimular el crecimiento; aceitunas, con vitamina E para aumentar el flujo sanguíneo a los folículos pilosos y estimular el
El documento habla sobre los alimentos transgénicos. Explica que son alimentos producidos mediante ingeniería genética al incorporar genes de un organismo a otro para producir características deseadas. Menciona algunas ventajas como cultivos más resistentes y nutritivos, pero también inconvenientes como riesgos de hibridación no deseada o rechazo a genes extraños.
This document discusses ways to build community connections in Homer, Alaska. It provides quotes from community members about how they feel connected through activities like volunteering, attending events, spending time with friends, and taking care of themselves. The document suggests attending community classes, performances, fundraisers and keeping informed about local events as ways to become involved and meet others. Building relationships takes effort but can be done by visiting familiar places and taking time to talk with others. Self-care activities like walks, hobbies, and spiritual practices help people feel grounded and able to connect with their community.
This document is a curriculum vitae for Almeida Lourenço Matenga, a Mozambican electrician. It lists his education credentials including an electrician degree from Maputo Industrial Institute from 2008-2011. It details his work experience including current work as an Electrician II for Aggreko Mozambique since 2014, where his responsibilities include operation and maintenance of power generation equipment, electrical switching, and SCADA operation. It also lists relevant skills and references.
El documento describe los mecanismos de carcinogénesis química, física y microbiológica. Explica que la carcinogénesis química implica daño al ADN causado por agentes cancerígenos, mientras que la radiación causa dimerización de las pirimidinas en el ADN. Algunos virus como el VPH, VEB y VHB pueden causar cáncer a través de proteínas virales que alteran genes como p53 y Rb. Las células cancerosas desarrollan mecanismos para evadir el sistema
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Disclosure of financial information in offer document for rei ts
1. Page 1 of 18
CIR/IMD/DF/141/2016 December 26, 2016
To
All Real Estate Investment Trusts (REITs)
All Parties to REITs
All Stock Exchanges
All Merchant Bankers
Dear Sir / Madam,
Sub: Disclosure of financial information in offer document for REITs
1. Regulation 15 (2), read with Schedule III, of the SEBI (Real Estate Investment Trusts)
Regulations, 2014 (‘the REIT Regulations’) prescribe disclosures to be made in an offer
document. The said disclosures, inter-alia, include disclosures for financial information
of the REIT as well as the Manager and the Sponsor.
2. With reference to aforesaid Regulations, the detailed requirements for disclosure of
financial information in offer document for REITs are placed at ‘Annexure - A’.
3. This Circular is issued in exercise of powers conferred under Section 11(1) of
Securities and Exchange Board of India Act, 1992 read with Regulation 33 of REIT
Regulations.
4. This Circular is available on SEBI website at www.sebi.gov.in under the categories
“Legal Framework” and under the drop down “Circulars”.
Yours faithfully,
Richa G. Agarwal
Deputy General Manager
Investment Management Department
Tel No.022-2644 9596
Email id - richag@sebi.gov.in
2. Page 2 of 18
Annexure - ‘A’
Financial information to be disclosed in offer document
(A)Financial Information of REIT:
The financial information, to be disclosed in the offer document, shall comply with the
following:
1. Period of financial information to be disclosed:
1.1.The offer document shall contain financial information for a period of last three
completed financial years immediately preceding the date of offer document.
1.2.If the closing date of the last completed financial year falls more than six months
before the date of offer document, then the REIT shall also disclose interim financial
information, in addition to the three year financial information referred in paragraph
1.1.above.
The said interim financial information shall be not more than six months old from the
date of offer document.
2. Nature of financial information
2.1.REIT shall disclose the financial information for the previous three financial years and
the interim period, if any, in either of the following manner depending upon the history
of the REIT:
(a) If the REIT has been in existence for the last three completed financial years
immediately preceding the date of offer document, then the historical financial
statements of the REIT (on both standalone as well as consolidated basis) for last
three years, and the interim period, if any, shall be disclosed.
(b) If the REIT has been in existence for a period lesser than the last three completed
financial years and the historical financial statements of REIT are not available for
some portion or the entire portion of the reporting period of three years and interim
period, then the combined financial statements need to be disclosed for the
periods when such historical financial statements are not available.
The principles for preparation of combined financial statements are discussed in
Section ‘(G)’ below.
3. Page 3 of 18
3. Content and basis of preparation of financial information:
3.1.The financial information shall be prepared in accordance with Indian Accounting
Standards (Ind AS) and/or any addendum thereto as defined in Rule 2 (1) (a) of the
Companies (Indian Accounting Standards) Rules, 2015.
3.2.The financial information presented by the REIT can be in the form of condensed
financial statements. Such financial information shall comply with the minimum
requirements for condensed financial statements as described in Ind AS 34 on ‘Interim
Financial Reporting’, to the extent applicable.
3.3.The financial information shall, inter-alia, disclose the following financial statements:
(a) Balance Sheet;
(b) Statement of Profit and Loss/Income and Expenditure;
(c) Statement of Changes in Unit holders’ Equity;
(d) Statement of Cash flows / Receipts and Payments;
(e) Statement of Net Assets at Fair Value
(f) Statement of Total Returns at Fair Value
(g) Explanatory notes annexed to, or forming part of, any statements referred above
For the financial statements listed above, the minimum information to be disclosed is
given in Section ‘(H)’ below.
3.4.The financial information shall be disclosed after making the following adjustments,
wherever applicable and wherever quantification is possible:
(a) Adjustments/rectifications for all erroneous accounting practices or failures to make
provisions or other matters which resulted in modified opinion(s) or modification(s)
to the opinion in the auditor’s report.
Modified opinion(s), where quantification is not possible and which have not been
adjusted, shall be highlighted along with the management comments. If the impact
of above adjustments/rectifications is not considered ascertainable, then a
statement to that effect shall be given by the auditors.
(b) Material amounts relating to adjustments for prior period errors/items (as discussed
in Ind AS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’)
shall be identified and adjusted in arriving at the profits of the years to which they
relate.
(c) Where there has been a change in accounting policy, the profits or losses/incomes
or expenditures of the earlier years (required to be disclosed in the offer document)
4. Page 4 of 18
and of the year in which the change in the accounting policy has taken place shall
be recomputed to reflect what the profits or losses/incomes or expenditures of those
years would have been if a uniform accounting policy was followed in each of these
years.
(d) If any accounting policy followed in past was not in accordance with applicable laws
and/or accounting standards, the financial statements shall be adjusted and
recomputed in accordance with correct accounting policies.
(e) The Balance Sheet shall be prepared after deducting the balance outstanding on
Revaluation reserve account from both Fixed assets and Reserves and the Net
worth should be arrived at after such deductions.
3.5.Financial statements shall disclose all ‘material’ items, i.e., the items if they can,
individually or collectively, influence the decisions made on the basis of the financial
statements. Materiality shall be judged and determined by the Manager depending
upon pertinent facts and circumstances, including the size or nature of the item or a
combination of both.
In addition to the consideration of ‘materiality’ as specified above, any item of income
or expenditure, which exceeds one per cent of the revenue from operations or Rs.10
lacs, whichever is higher, shall be disclosed separately either on the face of financial
statements or in the schedules/notes.
4. Additional financial disclosures
In addition to the financial statements referred in Paragraph 3 above, the following
statements/disclosures shall also be included as a part of the audited financial
information and shall also be subjected to audit:
4.1.Property wise rental/operating income:
The REIT shall disclose rental/operating income from the properties (property-wise)
for all the REIT assets that are included in such financial information for the last
three years and interim period, if any.
4.2.Earnings per Unit:
The REIT shall disclose Earnings per Unit (EPU) for the last three years and the
interim period, if any. The principles for computation of EPU shall be same as the
principles laid down in Ind AS 33 Earnings per Share, to the extent applicable.
Relevant disclosures shall be provided as part of the notes for the EPU
computation.
5. Page 5 of 18
4.3.Contingent liabilities:
(a) A statement of REIT’s Contingent liabilities, if any, as on the date of latest
financial information disclosed in the offer document, shall be disclosed.
(b) If there are any material changes in the contingent liabilities from the
aforementioned date of latest financial information to the date of the offer
document, the details of such changes shall be disclosed in the offer
document.
4.4.Commitments:
(a) A statement of REIT’s Commitments, if any, as on the date of latest financial
information disclosed in the offer document, shall be disclosed.
(b) If there are any material changes in the commitments from the aforementioned
date of latest financial information to the date of the offer document, the details
of such changes shall be disclosed in the offer document.
4.5.Related party transactions:
(a) For the related parties as defined in the REIT regulations, the REIT shall
provide relevant disclosures of all related party transactions in compliance with
the requirements of “Ind AS 24 - Related Party Disclosures” and the REIT
Regulations.
(b) Further, the following additional disclosures related to Related parties and
Related party transactions, wherever applicable, shall also be included:
i. Details of related party and its relationship with REIT;
ii. Nature of the transaction;
iii. Value of the transaction;
iv. In case of any related party transaction involving acquisition or disposal of
an real estate asset / property, the following additional information shall be
provided
Summary of valuation report(s);
Material conditions or obligations in relation to the transaction;
Rate of interest, if external financing has been obtained for the
transaction/acquisition; and
Any fees or commissions received or to be received by any associate
of the related party in relation to the transaction.
6. Page 6 of 18
4.6.Capitalisation statement
An REIT shall disclose a Capitalisation Statement showing total debt, net worth,
and the debt/equity ratios before and after the completions of issue. An illustrative
format of the Capitalisation Statement is specified hereunder:
Particulars Pre-issue as at............. As Adjusted for issue
(Amount)
Total Debt xx xx
Unitholders’ Funds
Unit Capital xx xx
xx xx xx
xx xx xx
Reserves xx xx
Provided that in case of any change in the Unit Capital (since the date from which
the financial information has been disclosed in the Offer document), a note
explaining the nature of the change shall be given.
4.7.Debt payment history
A statement including history of interest and principal payments of REIT shall be
disclosed for past three years and interim period, if any, consolidating all REIT
assets forming part of the historical financial information. Additionally, the following
shall also be disclosed:
The carrying amount of debt at the beginning of each year
Additional borrowings during the year
Repayments during the year
Other adjustments / settlements during the year
The carrying amount of debt at the end of each year
5. Audit of Financial Information:
5.1.The financial information shall be audited and the following shall be complied with
respect to same: :
(a) The audit shall be carried out by the auditor appointed for the REIT as per the
REIT regulations. The auditor, so appointed, shall be the one who has
subjected itself to the peer review process of the Institute of Chartered
7. Page 7 of 18
Accountants of India (ICAI) and who holds a valid certificate issued by the
Peer Review Board of ICAI.
(b) In providing his report, the auditor shall be guided by the requirements of the
‘Guidance Note on Reports in Company Prospectuses’, issued by ICAI, to the
extent applicable.
(c) In particular, the reports of the auditors on the financial statements of the
various REIT assets (whether prepared in accordance with the framework
applicable to such REIT assets or the framework applicable to the REIT) for
the respective periods covered in the period of three years and the interim
period, if any, will have to be taken into consideration and the same shall be
relied upon by the auditor giving the final report.
For the audit procedures to be followed in such case, the auditor shall be
guided by the procedures stated in the Standard on Auditing (SA) 600, “Using
the Work of another Auditor”, to the extent applicable. Further, the fact that the
financial statements audited by other auditors have been relied upon shall be
disclosed in the audit report.
(d) As a part of the audit report, the auditor shall state whether:
i. he has obtained all information and explanations which, to the best of his
knowledge and belief, were necessary for the purpose of his audit;
ii. the Balance Sheet and the Statement of Profit and loss/Income and
Expenditure are in agreement with the books of account of the REIT; and
iii. the financial statements comply with the applicable accounting standards in
his opinion.
(e) As a part of the audit report, the auditor shall give his opinion as to whether:
i. the balance sheet gives a true and fair view of the state of affairs of the
REIT as at the balance sheet dates;
ii. the statement of profit and loss / income and expenditure gives a true and
fair view of the REIT’s profits or losses/incomes or expenditures for the
years/periods ended at the balance sheet dates;
iii. the statement of cash flows / receipts and payments gives a true and fair
view of the cash movements of the REIT for the years/periods ended at the
balance sheet dates;
iv. the statement of changes in unit holders’ equity gives a true and fair view of
the movement of the unit holders funds for the years/periods ended at the
balance sheet dates;
8. Page 8 of 18
v. the statement of net assets at fair value gives a true and fair view of the net
assets as at the balance sheet date; and
vi. the statement of total returns at fair value gives a true and fair view of the
total returns for the years/periods ended at the balance sheet dates.
(B)Projections of REIT’s Income and Operating Cash flows
1. The offer document shall contain disclosures of the projections of income and operating
cash flows of the REIT, property-wise, over the next three years including related
assumptions.
2. The projections shall be disclosed for REIT assets/properties that are owned by the
REIT or are proposed to be owned by REIT prior to the allotment of units in the public
offer.
3. The following minimum items shall be disclosed as a part of the projections for the next
three years:
Property-wise income (rental income and/or other operating income)
Property-wise operating cash flows
Assumptions for projections
Any other item deemed important for better readability and understanding
4. The aforesaid projections, including assumptions, shall be certified by the auditor. For
the purpose of said certification, the auditor shall be guided by the requirements of SAE
3400 for ‘The Examination of Prospective Financial Information’ and any other relevant
standards/directions issued by ICAI in this context.
5. Further, the aforesaid projections (including the underlying assumptions and
calculations) shall also be certified by the Manager.
(C)Management Discussion and Analysis of REIT’s operations
1. REIT shall prepare and disclose Management Discussion and Analysis (MDA) (by the
Manager), based on the financial statements. A comparison shall be provided for the
most recent financial information with financial information of previous two years.
2. MDA shall, inter-alia contain the following :
Overview of the business of the REIT
9. Page 9 of 18
A summary of the financial information containing significant items of income and
expenditure.
Factors that may affect results of the operations, key risks and mitigating factors
Quality of earnings and revenue streams
Significant developments subsequent to the last financial year:
A statement by the Manager whether in their opinion there have arisen any
circumstances since the date of the last financial statements as disclosed in
the offer document and which materially and adversely affect or is likely to
affect the business or profitability of the REIT, or the value of its assets, or its
ability to pay its liabilities within the next twelve months.
Procedure for dealing with and approval of related party transactions
Related party transaction(s) involving acquisition or disposal of an REIT asset
The analysis shall discuss impact of such acquisition/disposal on the yield of
the units of REIT
An analysis of reasons for the changes in significant items of income and
expenditure shall also be given, inter alia, containing the following:
unusual or infrequent events or transaction;
significant economic changes that materially affected or are likely to affect
income from continuing operations;
known trends or uncertainties that have had or are expected to have a material
adverse impact on revenues from continuing operations;
future changes in relationship between costs and revenues, in case of events
such as future increase in operating costs that will cause a material change
are known;
total turnover from each major segments of the REIT
status of any publicly announced new business segment;
the extent to which business is seasonal;
any significant dependence on single or few assets, clients, suppliers, etc.;
competitive conditions
(D)Other Disclosures for REIT
1. Working Capital
A statement from Manager regarding sufficiency of the working capital to fulfill the
present requirements of REIT (i.e., at least twelve months from date of listing) shall be
disclosed. In case, sufficient working capital is not available in the opinion of Manager,
then a statement should be provided describing how it proposes to provide additional
working capital requirement.
10. Page 10 of 18
2. Past Market Performance
In case of a capital offering subsequent to the initial offer, the market value of the units
traded on all the designated stock exchanges where REIT is listed shall be disclosed:
on the last date of reporting period
highest value during reporting period based on intra-day and on closing price with
specified date
lowest value during reporting period intra-day and on closing price with specified
date
(E) Historical Financial information of Manager and Sponsor(s)
1. An offer document of REIT shall include summary of the audited consolidated financial
statements (including the Balance Sheet and Statement of Profit and Loss (without
schedules)) of Manager and Sponsor(s) for past three completed years, prepared in
accordance with accounting standards, as applicable, as per the Companies Act, 2013
and rules thereunder.
For example, if the concerned entity is required to follow Companies (Accounting
Standards) Rules, 2006 during the entire period of last three years, then the three year
financial information of such entity shall be prepared in accordance with Companies
(Accounting Standards) Rules, 2006. Similarly, if the concerned entity is required to
follow Companies (Indian Accounting Standards) Rules, 2015 during the entire period
of last three years, then the three year financial information shall be prepared in
accordance with Companies (Indian Accounting Standards) Rules, 2015.
2. In case the Manager and/or Sponsor(s) has/have done a transition from Companies
(Accounting Standards) Rules, 2006 to Companies (Indian Accounting Standards)
Rules, 2015 at any time during the period of last three years, then the financial
information for the last three years shall be disclosed on the following basis:
a. If the concerned entity is following or is required to follow Companies (Indian
Accounting Standards) Rules, 2015 for the latest two years (for the latest three
years including comparatives of the first year of adoption) out of last three
completed years, then the financial information for all the three years shall be
prepared as per Companies (Indian Accounting Standards) Rules, 2015.
b. If the concerned entity is following or is required to follow Companies (Indian
Accounting Standards) Rules, 2015 only for the latest year (for the latest two years
including comparatives) out of the historical period of three years, then the financial
11. Page 11 of 18
information for the recent two years shall be disclosed as per the Companies
(Indian Accounting Standards) Rules, 2015 and the financial information for the
earliest year (i.e. the third last year) shall be disclosed as per the Companies
(Accounting Standards) Rules, 2006.
For example, if financial information of Manager/Sponsor is presented for the
financial years 2014-15, 2015-16, and 2016-17 and such Manager/Sponsor is
required by Companies Act, 2013 to report under Ind AS from financial year 2016-
17 (with financial year 2015-16 as comparatives), then it shall disclose financial
information for financial years 2016-17 and 2015-16 as per Companies (Indian
Accounting Standards) Rules, 2015 and financial year 2014-15 as per Companies
(Accounting Standards) Rules, 2006.
Further, for example, if financial information of Manager/Sponsor is presented for
the financial years 2014-15, 2015-16, and 2016-17 and such Manager/Sponsor is
required by Companies Act, 2013 to report under Ind AS from financial year 2015-
16 (with financial year 2014-15 as comparatives), then it shall disclose financial
information for all the three financial years, i.e. 2014-15, 2015-16 and 2016-17, as
per Companies (Indian Accounting Standards) Rules.
3. Further, if any of the Manager/Sponsor is a foreign entity and is not legally required to
comply with the Companies Act, 2013, then the financial statements of such entity may
be prepared in accordance with International Financial Reporting Standards (IFRS).
(F) Framework for calculation of Net Distributable Cash Flows (NDCFs):
1. Every REIT/Manager shall define net distributable cash flows (NDCFs) for itself and the
definition as decided by REIT/Manager shall be:
a. subject to compliance with Companies Act, 2013 or Limited Liability Partnership Act,
2008, or any Central Government Act, as applicable; and
b. disclosed in offer document and shall be followed consistently pursuant to listing.
2. The indicated framework shall be followed in so far as whatever is applicable to the
Holdco/SPV/REIT.
3. REIT may take guidance from the following framework for defining and calculating
NDCFs at the Holdco/SPV level and at the REIT level :
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(I.) Calculation of Net Distributable Cash Flows at the SPV level:
Description Amount
Profit after tax as per Statement of profit and loss/income and
expenditure (standalone) (A)
Xx
Add: Depreciation and amortisation as per Statement of profit and
loss/income and expenditure
Xx
Add/less: Loss/gain on sale of Real estate assets xx
Add: Proceeds from sale of Real estate assets adjusted for the following:
related debts settled or due to be settled from sale proceeds
directly attributable transaction costs
proceeds reinvested or planned to be reinvested as per para 18 (7) (a) of
the REIT Regulations
xx
Add: Proceeds from sale of Real estate assets not distributed pursuant to an
earlier plan to re-invest, if such proceeds are not intended to be invested
subsequently
xx
Add/less: Any other item of non-cash expense / non cash income (net of
actual cash flows for these items), if deemed necessary by the Manager.
For example, any decrease/increase in carrying amount of an asset or of a
liability recognised in Statement of profit and loss/income and expenditure on
measurement of the asset or the liability at fair value, interest cost as per
effective interest rate method, deferred tax, lease rents recognised on a
straight line basis, etc.
Xx
Less: Repayment of external debt (principal) / redeemable preference shares
/ debentures, etc., if deemed necessary by the Manager
xx
Total Adjustments (B) xx
Net Distributable Cash Flows (C)=(A+B) xx
(II.) Calculation of Net Distributable Cash Flows at the Consolidated REIT level:
Description Amount
Profit after tax as per Statement of profit and loss/income and
expenditure (consolidated) (A)
xx
Add: Depreciation and amortisation as per Statement of profit and
loss/income and expenditure (consolidated)
xx
Add/less: Loss/gain recognised on sale of Real estate assets or equity
shares or interest in Holdco/SPV
xx
Add: Proceeds from sale of Real estate assets or equity shares or interest
in Holdco/SPV adjusted for the following:
xx
13. Page 13 of 18
Description Amount
related debts settled or due to be settled from sale proceeds
directly attributable transaction costs
proceeds reinvested or planned to be reinvested as per para 18 (7) (a)
of the REIT Regulations
Add: Proceeds from sale of Real estate assets or equity shares or interest
in Holdco/SPV not distributed pursuant to an earlier plan to re-invest, if such
proceeds are not intended to be invested subsequently
xx
Add/less: Any other item of non-cash expense / non cash income (net of
actual cash flows for these items), if deemed necessary by the Manager.
For example, any decrease/increase in carrying amount of an asset or of a
liability recognised in Statement of profit and loss/income and expenditure
on measurement of the asset or the liability at fair value, interest cost as per
effective interest rate method, deferred tax, lease rents recognised on a
straight line basis, etc.
xx
Less: Repayment of external debt (principal) / redeemable preference
shares / debentures, etc., if deemed necessary by the Manager
xx
Total Adjustments (B) xx
Net Distributable Cash Flows (C) = (A+B) xx
(G)Principles for preparation of combined financial statements:
1. For preparation of Combined Financial Statements, as has been indicated in Paragraph
2.1 (b) under Section ‘(A)’ above, REIT shall follow the following principles :
1.1. Period for which combined financial statements shall be disclosed
When the REIT has not been in existence for some portion or the entire portion of the
reporting period of three years and interim period, if any, then the financial information
must be provided through combined financial statements, showing the combined
financial performance of all the proposed REIT assets, for such period when REIT was
not in existence.
1.2. Assets/entities forming part of Combined Financial Statements:
All the assets or entities, which are proposed to be owned by the REIT, as per the
disclosures in the offer document, shall collectively form part of combined financial
statements.
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1.3. Underlying assumption for preparation of Combined Financial Statements
Such combined financial statements shall be prepared based on an assumption that
all the assets and/or entities, proposed to be owned by REIT, were part of a single
group for such period when REIT was not in existence.
1.4. Preparation of Combined Financial Statements:
i. These statements shall be prepared on a combined basis and presented as if
REIT assets were a part of a single group since the first day of the reporting
period for which information is being presented.
ii. The principles for preparation of combined financial statements shall be same as
the principles laid down in “Ind AS 110 Consolidated Financial Statements”, to
the extent applicable. However, unlike consolidated financial statements, the
combined financial statements shall not have the parent.
iii. While preparing Combined Financial Statements, transactions between the
entities proposed to be owned by REIT (i.e. transactions between the entities
which are forming part of the combined financial statements) shall be eliminated.
Further, all pertinent matters, such as non-controlling interests, foreign
operations, different fiscal periods, or income taxes, etc. shall be treated in the
same manner as in consolidated financial statements, to the extent applicable.
iv. In cases where one or more of the underlying REIT assets have been held by the
sponsor or its associates or its group entities for a period lesser than the last
three completed financial years, then such assets may be reflected in the
Combined Financial Statements only from the date of holding by such entity.
However, if the discrete financial information for such assets is also available for
the pre-holding period (i.e. the period before the acquisition by the sponsor or its
associates or its group entities), then such assets shall be reflected in the
Combined Financial Statements for such pre-holding period as well.
v. If there are any assets for which the financial information is considered for a
period lesser than three years and the additional interim period, if any, then such
fact shall be clearly disclosed in the offer document, along with all pertinent
details.
vi. Assumptions made in preparation of the Combined Financial Statements shall be
disclosed in ‘Basis of Preparation’ of such statements.
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vii. The basis of preparation shall also explain the principles of combination and
elimination of transactions amongst entities that are included in the Combined
Financial Statements.
2. In addition to the principles listed at paragraph ‘1’ above, the REIT/Manager, while
preparing the Combined Financial Statements of the REIT, shall also be guided by the
requirements laid down in the ‘Guidance Note on Combined and Carve-Out Financial
Statements’ and any other pertinent guidance/directions issued by ICAI in this context.
(H)Minimum Disclosures for key financial statements:
1. For the financial statements listed at Paragraph 3.3 of Section ‘(A)’ above, the line
items shall, at minimum, include the following:
1.1. Line items for Balance Sheet:
I. Assets
a) Property, plant and equipment;
b) Capital work-in-progress
c) Investment property;
d) Intangible assets;
e) Inventories;
f) Other receivables;
g) Other financial assets (excluding Inventories & Other Receivables)
h) Cash and cash equivalents;
i) Deferred tax assets;
j) Assets for current tax.
II. Equity and Liabilities
a) Unit capital;
b) Other payables;
c) Provisions;
d) Financial liabilities (excluding amounts shown under (b) and (c)), separately
disclosing liabilities owed to sponsors;
e) Liabilities for current tax;
f) Deferred tax liabilities;
g) Other liabilities
16. Page 16 of 18
1.2. Line items for Statement of Profit and loss/Income and Expenditure
I. Incomes and gains:
a) Revenue from operations;
b) Dividend;
c) Interest;
d) Profit on sale of assets/investments
e) Other income (Clearly indicate nature of such income).
II. Expenses and losses:
a) Valuation expenses;
b) Audit fees;
c) Insurance & security expenses;
d) Employee Benefits Expenses
e) Investment management fees (including fees paid to Manager)
f) Trustee Fee
g) Depreciation on property, plant and equipment;
h) Amortization of intangible assets;
i) Finance Cost (Interest);
j) Custodian fees;
k) Registration fees;
l) Repairs and maintenance in case of real estate assets;
m) Loss on sale of assets/investments
n) Other expenses (Clearly indicate nature of such expense)
III. Profit or loss for the period before income tax
IV. Tax expense (current tax and deferred tax)
V. Profit or loss for the period after income tax
VI. Items of other comprehensive income
VII. Additional line items (if applicable)
a) Items that will not be reclassified to profit or loss
b) Income tax relating to items that will not be reclassified to profit or loss
c) Items that will be reclassified to profit or loss
d) Income tax relating to items that will be reclassified to profit or loss
VIII. Total comprehensive income for the period (V+VI) (Comprising profit (loss) and
Other comprehensive income for the period)
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1.3. Line items for the "Statement of changes in Unit holders’ equity"
I. Total comprehensive income for the period;
II. For each component of unit holders’ equity, a reconciliation between the carrying
amount at the beginning and the end of the period, separately (as a minimum)
disclosing changes resulting from:
a) Profit or loss;
b) Other comprehensive income;
c) Aggregate amount of investments by unit holders in REIT, and dividends / other
distributions by REIT to unit holders
1.4. Line items for the " Statement of Cash flows / Receipts and Payments”
The statement of Cash flows / Receipts and Payments, shall be prepared in
accordance with the requirements of Ind AS 7-"Statement of Cash Flows".
1.5. Line items for ‘Statement of Net Assets at Fair Value’
The line items for the Statement of Net Assets at Fair Value, shall, at minimum, include
the following:
S.No. Particulars Book Value Fair Value
A. Assets xxxx xxxx
B. Liabilities xxxx
(as reflected in the balance
sheet)
C. Net Assets (A-B) xxxx xxxx
D. No. of Units xxxx xxxx
E. NAV (C/D) xxxx xxxx
Notes:
(i) ‘Statement of Net Assets at Fair Value’ shall be provided only as on the last date of
the financial information disclosed in the offer document.
(ii) Further, the breakup of the fair values of the assets shall be given property-wise in
the notes to the Statement of Net Assets at Fair Value.
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1.6. Line items for ‘Statement of Total Return at Fair Value’:
The line items for the Statement of Total Return at Fair Value, shall, at minimum,
include the following:
Particulars Amount
Total Comprehensive Income (As per the Statement of Profit
and loss/Income and Expenditure)
xxxx
Add/Less: Other Changes in Fair Value (e.g., in investment
property, property, plant & equipment (if cost model is
followed)) not recognized in Total Comprehensive Income
xxxx
Total Return xxxx
Note: ‘Statement of Total Returns at Fair Value’ shall be provided only for the last
completed year and interim period, if any.
2. Headings, line items, sub-line items and sub-totals may be presented as an addition or
substitution on the face of the financial statements when such presentation is relevant
to an understanding of an REIT’s financial position or performance or to cater to
industry/sector-specific disclosure requirements or when required for compliance with
the REIT regulations or Indian Accounting Standards or any other law.