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
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.
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.
SEBI Revised Formats for Financial Results and Implementation of Ind-AS by Li...GAURAV KR SHARMA
This document outlines revised formats for financial results and guidance on implementing Indian Accounting Standards (Ind-AS) for listed entities in India. Key points include:
- Formats for quarterly and half-yearly financial results will change starting March 31, 2017 to align with new schedules in the Companies Act 2013.
- Relaxations are provided for the first year of Ind-AS implementation, including extended deadlines for certain quarterly filings and not requiring prior period Ind-AS comparatives for some periods.
- Guidance is given on Ind-AS transition requirements like equity reconciliations and comparative period adjustments for entities with non-standard year-ends.
The document compares key changes between the General Financial Rules of 2005 and 2017. Some of the major changes introduced in GFR 2017 include greater transparency in government purchases through e-procurement and the Government e-Marketplace (GeM). The 2017 rules also bar those convicted of corruption or crimes involving death, injury or risk to public health from bidding on government contracts for three years. The new rules aim to provide an improved framework for fiscal management while ensuring flexibility and efficiency in governance.
These rules are called General Financial Rules, 2017 and apply to all Central Government Ministries, Departments, and bodies. The rules were updated to reflect reforms in government budgeting, increased focus on public finance management systems, and the introduction of new e-portals. The objective was to make the rules facilitate efficiency while following principles of accountability, financial discipline, and administrative diligence. The updated rules aim to promote simplicity and transparency in the government's financial system and procedures.
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.
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.
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.
SEBI Revised Formats for Financial Results and Implementation of Ind-AS by Li...GAURAV KR SHARMA
This document outlines revised formats for financial results and guidance on implementing Indian Accounting Standards (Ind-AS) for listed entities in India. Key points include:
- Formats for quarterly and half-yearly financial results will change starting March 31, 2017 to align with new schedules in the Companies Act 2013.
- Relaxations are provided for the first year of Ind-AS implementation, including extended deadlines for certain quarterly filings and not requiring prior period Ind-AS comparatives for some periods.
- Guidance is given on Ind-AS transition requirements like equity reconciliations and comparative period adjustments for entities with non-standard year-ends.
The document compares key changes between the General Financial Rules of 2005 and 2017. Some of the major changes introduced in GFR 2017 include greater transparency in government purchases through e-procurement and the Government e-Marketplace (GeM). The 2017 rules also bar those convicted of corruption or crimes involving death, injury or risk to public health from bidding on government contracts for three years. The new rules aim to provide an improved framework for fiscal management while ensuring flexibility and efficiency in governance.
These rules are called General Financial Rules, 2017 and apply to all Central Government Ministries, Departments, and bodies. The rules were updated to reflect reforms in government budgeting, increased focus on public finance management systems, and the introduction of new e-portals. The objective was to make the rules facilitate efficiency while following principles of accountability, financial discipline, and administrative diligence. The updated rules aim to promote simplicity and transparency in the government's financial system and procedures.
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.
TaxAlerts cover significant
tax news, developments and
changes in legislation that
affect Indian businesses. They
act as technical summaries . For more information,
please contact EY India.
Financial reporting involves the disclosure of a company's financial results and performance over a specified period. It can be annual or interim. Annual reports cover a full financial year, while interim reports are for periods shorter than a year. Both types of reports include financial statements such as the balance sheet, income statement, cash flow statement, and notes. Interim reports provide timely information to stakeholders and follow the same recognition and measurement principles as annual reports, with estimates used more frequently given the shorter periods. The objective is to present a reliable picture of a company's financial position and performance.
A renowned speaker on the subject of FRS 102, which replaces all existing accounting rules for private Irish companies from 1 January 2015. This new standard is attracting a lot of attention as these standards become applicable and John is already consulting and lecturing widely, helping firms and businesses implement the changes.
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.
- 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 discusses the requirements for annual returns under the Companies Act 2013. It notes that annual returns are consolidated reports submitted by companies to the Registrar of Companies each year after the AGM. They must include information such as the registered office, business activities, shareholding patterns, indebtedness, directors and other details. Companies meeting certain criteria must get the annual return certified by a practicing company secretary. It also compares the annual return provisions of the Companies Act 2013 to the previous Companies Act 1956.
2015 onwards, Annual Returns of ROC have become complicated, cumbersome and detailed. Annual Return itself requires lot many information. Board's Report is required to be supported by number of annexures. An attempt has been made to go through the technicalities.
Accounting reform in the Korean government - John Kim, KoreaOECD Governance
This presentation was made by John Kim, Korea, at the 10th OECD-Asian Senior Budget Officials Annual Meeting held in Bangkok, Thailand, on 18-19 December 2014.
Formats for publishing financial results under Sebi latest 1st dec 2015 LODR ...GAURAV KR SHARMA
This document outlines the format requirements for publishing quarterly and annual financial results according to regulations set by SEBI (Securities and Exchange Board of India). It provides the required formats for the financial results statements, auditor reports, and other related disclosures. The formats are prescribed for companies other than banks, banks, and companies eligible for an alternative format. It also specifies additional disclosure requirements for segment reporting and notes certain accounting standards that must be followed.
The document summarizes key requirements for financial statements under the Singapore Companies Act, including:
1) Every company must keep proper accounting records and have sufficient internal controls. Records must be kept for 5 years and be available for director inspection.
2) Directors must present annual financial statements and, for parent companies, consolidated statements at the AGM. Statements must comply with accounting standards and give a true and fair view of the financial position.
3) Dormant companies with assets under $500,000 that receive no notice from shareholders are exempt from preparing financial statements if they file a statement with the registrar.
This document outlines Accounting Standard 12 regarding accounting for government grants. It defines key terms like government and government grants. It discusses the capital vs income approaches to accounting for grants and recommends the nature of the grant determines the appropriate approach. It provides guidance on recognizing, presenting, and disclosing grants related to assets, revenue, and promoters' contributions. It also addresses accounting for refunds of grants and disclosure requirements. The standard aims to provide reasonable assurance that grants are properly recognized and matched with related costs over relevant periods.
This document outlines the requirements for interim financial reporting in Vietnam. It defines interim periods and interim financial reports. The minimum content of an interim financial report includes condensed financial statements comprising a condensed balance sheet, condensed income statement, condensed cash flow statement, and selected explanatory notes. The notes should include information about accounting policies, unusual items, changes in owner's equity, subsequent events, and segment information. The interim financial report is intended to provide an update on the latest annual financial statements and focus on significant events and transactions since the last annual report.
Format for quarterly holding pattern Indian Depository Receipts (IDRs)GAURAV KR SHARMA
1) The document outlines guidelines for listed entities that have issued Indian Depository Receipts (IDRs) regarding quarterly holding pattern disclosures, corporate governance reporting, and two-way fungibility of IDRs.
2) Listed entities must file quarterly IDR holding patterns within 15 days of the quarter end using a specified format. They must also submit comparative analyses of corporate governance provisions in their home country and other listing jurisdictions.
3) The guidelines provide procedures for partial two-way fungibility of future and existing IDR issuances, including limits on conversion, fungibility windows, and disclosure requirements.
Format for financial results for listed entities which have listed their deb...GAURAV KR SHARMA
1. The Securities and Exchange Board of India (SEBI) has issued guidelines on the format for financial results that listed entities must follow when publishing their half-yearly and annual financial results.
2. The guidelines mandate specific formats for different types of companies, including formats for companies other than banks/NBFCs, formats for banks/NBFCs, and an alternative format for some manufacturing, trading and service companies.
3. The formats include line items for income, expenditures, profits, reserves, ratios and other financial details. Limited review reports from auditors must also follow specified formats.
CAG brings out deficiencies in the functioning of chartered accountants in S ...D Murali ☆
CAG brings out deficiencies in the functioning of chartered accountants in S 44AB audit - T. N. Pandey - Article published in Business Advisor, dated January 25, 2015 http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
This document outlines the format requirements for publishing quarterly and annual financial results according to regulations set by SEBI (Securities and Exchange Board of India). It provides the required formats for the financial results statements, auditor reports, and other related disclosures. The formats are prescribed for companies other than banks, banks, and companies eligible for an alternative format. It also specifies additional disclosure requirements for segment reporting and notes certain accounting standards that must be followed.
This document outlines the format requirements for publishing quarterly and annual financial results according to regulations set by SEBI (Securities and Exchange Board of India). It provides the required formats for the financial results statements, auditor reports, and other related disclosures. The formats are prescribed for companies other than banks, banks, and companies eligible for an alternative format. It also specifies additional disclosure requirements for segment reporting and notes certain accounting standards that must be followed.
Sebi circular on revised formats for financial result 05.07.2016GAURAV KR SHARMA
This document outlines revisions to the financial reporting formats that listed entities must follow when submitting quarterly and annual financial results to stock exchanges. Key points:
- Formats for profit/loss and balance sheet statements submitted from Q1 2017 onwards will follow Schedule III of the Companies Act 2013.
- Until Ind-AS is applicable, listed entities will follow AS Rules 2006.
- Transitional relaxations are provided for listed entities adopting Ind-AS from FY2017, including optional comparatives and extended filing deadlines.
- Clarification is provided on Ind-AS first-time adoption requirements like equity reconciliations.
The document summarizes recent amendments to Schedule III of the Companies Act that will be applicable for financial statements prepared for FY 2021-22. Key changes include rounding off figures based on total income, classifying non-current assets, disclosing promoter shareholding and short-term borrowings, introducing new disclosure requirements for trade receivables and payables, and capital work-in-progress. Additional regulatory disclosures are also required relating to immovable property, loans to related parties, ratios, benami property, and utilization of funds.
TaxAlerts cover significant
tax news, developments and
changes in legislation that
affect Indian businesses. They
act as technical summaries . For more information,
please contact EY India.
Financial reporting involves the disclosure of a company's financial results and performance over a specified period. It can be annual or interim. Annual reports cover a full financial year, while interim reports are for periods shorter than a year. Both types of reports include financial statements such as the balance sheet, income statement, cash flow statement, and notes. Interim reports provide timely information to stakeholders and follow the same recognition and measurement principles as annual reports, with estimates used more frequently given the shorter periods. The objective is to present a reliable picture of a company's financial position and performance.
A renowned speaker on the subject of FRS 102, which replaces all existing accounting rules for private Irish companies from 1 January 2015. This new standard is attracting a lot of attention as these standards become applicable and John is already consulting and lecturing widely, helping firms and businesses implement the changes.
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.
- 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 discusses the requirements for annual returns under the Companies Act 2013. It notes that annual returns are consolidated reports submitted by companies to the Registrar of Companies each year after the AGM. They must include information such as the registered office, business activities, shareholding patterns, indebtedness, directors and other details. Companies meeting certain criteria must get the annual return certified by a practicing company secretary. It also compares the annual return provisions of the Companies Act 2013 to the previous Companies Act 1956.
2015 onwards, Annual Returns of ROC have become complicated, cumbersome and detailed. Annual Return itself requires lot many information. Board's Report is required to be supported by number of annexures. An attempt has been made to go through the technicalities.
Accounting reform in the Korean government - John Kim, KoreaOECD Governance
This presentation was made by John Kim, Korea, at the 10th OECD-Asian Senior Budget Officials Annual Meeting held in Bangkok, Thailand, on 18-19 December 2014.
Formats for publishing financial results under Sebi latest 1st dec 2015 LODR ...GAURAV KR SHARMA
This document outlines the format requirements for publishing quarterly and annual financial results according to regulations set by SEBI (Securities and Exchange Board of India). It provides the required formats for the financial results statements, auditor reports, and other related disclosures. The formats are prescribed for companies other than banks, banks, and companies eligible for an alternative format. It also specifies additional disclosure requirements for segment reporting and notes certain accounting standards that must be followed.
The document summarizes key requirements for financial statements under the Singapore Companies Act, including:
1) Every company must keep proper accounting records and have sufficient internal controls. Records must be kept for 5 years and be available for director inspection.
2) Directors must present annual financial statements and, for parent companies, consolidated statements at the AGM. Statements must comply with accounting standards and give a true and fair view of the financial position.
3) Dormant companies with assets under $500,000 that receive no notice from shareholders are exempt from preparing financial statements if they file a statement with the registrar.
This document outlines Accounting Standard 12 regarding accounting for government grants. It defines key terms like government and government grants. It discusses the capital vs income approaches to accounting for grants and recommends the nature of the grant determines the appropriate approach. It provides guidance on recognizing, presenting, and disclosing grants related to assets, revenue, and promoters' contributions. It also addresses accounting for refunds of grants and disclosure requirements. The standard aims to provide reasonable assurance that grants are properly recognized and matched with related costs over relevant periods.
This document outlines the requirements for interim financial reporting in Vietnam. It defines interim periods and interim financial reports. The minimum content of an interim financial report includes condensed financial statements comprising a condensed balance sheet, condensed income statement, condensed cash flow statement, and selected explanatory notes. The notes should include information about accounting policies, unusual items, changes in owner's equity, subsequent events, and segment information. The interim financial report is intended to provide an update on the latest annual financial statements and focus on significant events and transactions since the last annual report.
Format for quarterly holding pattern Indian Depository Receipts (IDRs)GAURAV KR SHARMA
1) The document outlines guidelines for listed entities that have issued Indian Depository Receipts (IDRs) regarding quarterly holding pattern disclosures, corporate governance reporting, and two-way fungibility of IDRs.
2) Listed entities must file quarterly IDR holding patterns within 15 days of the quarter end using a specified format. They must also submit comparative analyses of corporate governance provisions in their home country and other listing jurisdictions.
3) The guidelines provide procedures for partial two-way fungibility of future and existing IDR issuances, including limits on conversion, fungibility windows, and disclosure requirements.
Format for financial results for listed entities which have listed their deb...GAURAV KR SHARMA
1. The Securities and Exchange Board of India (SEBI) has issued guidelines on the format for financial results that listed entities must follow when publishing their half-yearly and annual financial results.
2. The guidelines mandate specific formats for different types of companies, including formats for companies other than banks/NBFCs, formats for banks/NBFCs, and an alternative format for some manufacturing, trading and service companies.
3. The formats include line items for income, expenditures, profits, reserves, ratios and other financial details. Limited review reports from auditors must also follow specified formats.
CAG brings out deficiencies in the functioning of chartered accountants in S ...D Murali ☆
CAG brings out deficiencies in the functioning of chartered accountants in S 44AB audit - T. N. Pandey - Article published in Business Advisor, dated January 25, 2015 http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
This document outlines the format requirements for publishing quarterly and annual financial results according to regulations set by SEBI (Securities and Exchange Board of India). It provides the required formats for the financial results statements, auditor reports, and other related disclosures. The formats are prescribed for companies other than banks, banks, and companies eligible for an alternative format. It also specifies additional disclosure requirements for segment reporting and notes certain accounting standards that must be followed.
This document outlines the format requirements for publishing quarterly and annual financial results according to regulations set by SEBI (Securities and Exchange Board of India). It provides the required formats for the financial results statements, auditor reports, and other related disclosures. The formats are prescribed for companies other than banks, banks, and companies eligible for an alternative format. It also specifies additional disclosure requirements for segment reporting and notes certain accounting standards that must be followed.
Sebi circular on revised formats for financial result 05.07.2016GAURAV KR SHARMA
This document outlines revisions to the financial reporting formats that listed entities must follow when submitting quarterly and annual financial results to stock exchanges. Key points:
- Formats for profit/loss and balance sheet statements submitted from Q1 2017 onwards will follow Schedule III of the Companies Act 2013.
- Until Ind-AS is applicable, listed entities will follow AS Rules 2006.
- Transitional relaxations are provided for listed entities adopting Ind-AS from FY2017, including optional comparatives and extended filing deadlines.
- Clarification is provided on Ind-AS first-time adoption requirements like equity reconciliations.
The document summarizes recent amendments to Schedule III of the Companies Act that will be applicable for financial statements prepared for FY 2021-22. Key changes include rounding off figures based on total income, classifying non-current assets, disclosing promoter shareholding and short-term borrowings, introducing new disclosure requirements for trade receivables and payables, and capital work-in-progress. Additional regulatory disclosures are also required relating to immovable property, loans to related parties, ratios, benami property, and utilization of funds.
The document discusses the impact of adopting Indian Accounting Standards (Ind AS) for automobile companies. It covers key areas like revenue recognition, provisions, hedging, securitizations, deferred tax, embedded derivatives, product development costs, and property, plant and equipment. The overview section explains the transition process to Ind AS, including the requirement for an explicit compliance statement, accounting policy choices, and preparation of an opening Ind AS balance sheet. It also discusses exemptions available, such as the use of deemed cost for property valuations and relief from restating cumulative translation differences.
Amendments in Schedule III of Companies Act, w.e.f. 1st April 2022taxguru5
"CA Pragathi Gudur* With the ever-increasing stringency in the regulatory framework and disclosure requirements under various provisions of law, MCA, vide notifi"
TaxGuru is a platform that provides Updates On Amendments in Income Tax, Wealth Tax, Company Law, Service Tax, RBI, Custom Duty, Corporate Law , Goods and Service Tax etc.
To know more visit https://taxguru.in/company-law/amendments-schedule-iii-companies-act-w-e-f-1st-april-2022.html
Amendments in Schedule III of Companies Act, w.e.f. 1st April 2022taxguru5
"CA Pragathi Gudur* With the ever-increasing stringency in the regulatory framework and disclosure requirements under various provisions of law, MCA, vide notifi"
TaxGuru is a platform that provides Updates On Amendments in Income Tax, Wealth Tax, Company Law, Service Tax, RBI, Custom Duty, Corporate Law , Goods and Service Tax etc.
To know more visit https://taxguru.in/company-law/amendments-schedule-iii-companies-act-w-e-f-1st-april-2022.html
The presentation summarizes key aspects of the revised Schedule VI format for the balance sheet and profit and loss statement introduced by the Ministry of Corporate Affairs for financial years commencing on or after April 1, 2011. Some of the significant changes introduced include distinguishing current and non-current assets/liabilities, limiting information on the face of financial statements to only broad items with details in notes, and removing the balance sheet abstract. Current assets/liabilities are those expected to be realized/settled within 12 months. Examples are provided to illustrate classification of items as current vs non-current.
What are the important measures taken by SEBI in response to COVID-19?DVSResearchFoundatio
Key Takeaways:
Relaxations from disclosure requirements
Relaxations for fundraising
Relaxations from compliance norms
Relaxations from regulatory compliances and other measures
Corporate Compliance Calendar for July, 2022taxguru5
"CORPORATE Compliance CALENDAR covers Compliance under Income Tax act, 1961, Compliance under Goods & Services Act, 2017, Compliance under Other Statutory Laws"
TaxGuru is a platform that provides Updates On Amendments in Income Tax, Wealth Tax, Company Law, Service Tax, RBI, Custom Duty, Corporate Law , Goods and Service Tax etc.
To know more visit https://taxguru.in/corporate-law/corporate-compliance-calendar.html
Detailed Audit Programme on Important Areas of Insurance Businesstaxguru5
"As you are aware that an Insurance Company is a company incorporated under provisions of the Companies Act, 1956/2013, licensed under the Insurance Act, 1938 an"
TaxGuru is a platform that provides Updates On Amendments in Income Tax, Wealth Tax, Company Law, Service Tax, RBI, Custom Duty, Corporate Law , Goods and Service Tax etc.
To know more visit https://taxguru.in/corporate-law/detailed-audit-programme-important-areas-insurance-business.html
Corporate Compliance Calendar for July, 2022taxguru5
"CORPORATE Compliance CALENDAR covers Compliance under Income Tax act, 1961, Compliance under Goods & Services Act, 2017, Compliance under Other Statutory Laws"
TaxGuru is a platform that provides Updates On Amendments in Income Tax, Wealth Tax, Company Law, Service Tax, RBI, Custom Duty, Corporate Law , Goods and Service Tax etc.
To know more visit https://taxguru.in/corporate-law/corporate-compliance-calendar.html
Ind AS 34 provides the requirements for interim financial reporting, requiring listed companies to publish interim financial reports on a quarterly basis. These interim reports must include at a minimum condensed statements of financial position, comprehensive income, changes in equity and cash flows, along with selected explanatory notes. The standard specifies the recognition and measurement principles to be applied in interim reports, which should use the same accounting policies as the annual financial statements.
The document provides an introduction and overview of the key changes between the old Schedule VI and the revised Schedule VI of the Companies Act, 1956 for preparation of financial statements. Some of the major changes introduced in the revised Schedule VI include prescribing a vertical format for balance sheet, bifurcating assets and liabilities into current and non-current, separate disclosure requirements for items like investments, loans & advances, and additional line items for income/expenses. The revised Schedule VI aims to bring more transparency and convergence with Accounting Standards.
The document provides an overview of audit and accounts provisions under the Companies Act 2013 through a presentation. Key highlights include mandatory consolidation of financial statements, reopening of accounts only via court order, voluntary revision of statements, constitution of the National Financial Reporting Authority (NFRA) to regulate auditing standards and practices, and new requirements for auditor appointment, remuneration and duties. The presentation also covers financial statements, books of accounts, corporate social responsibility requirements and rights of members to access statements.
This document provides summaries of IAS 10 and IFRS 8. For IAS 10, it defines adjusting and non-adjusting events, and the disclosure requirements for material non-adjusting events after the reporting period. For IFRS 8, it defines operating segments and reportable segments, and the disclosure requirements including factors used to identify segments and financial information required to be reported for each reportable segment. An example is also provided to illustrate how to determine reportable segments.
NOTICE INVITING COMMENTS ON THE REVISED SCHEDULE III TO THE COMPANIES ACT, 2013GAURAV KR SHARMA
The document contains a notification from the Ministry of Corporate Affairs in India regarding revisions to Schedule III of the Companies Act, 2013 for companies drawing up financial statements according to Indian Accounting Standards.
The key points are:
1) The revised Schedule III contains two divisions - one for companies following existing accounting standards, and one for companies following Indian Accounting Standards.
2) The division for Indian Accounting Standards provides general instructions for preparation of financial statements, balance sheet, statement of changes in equity, notes etc. in accordance with Indian Accounting Standards.
3) It specifies the minimum disclosure requirements, rounding off norms, comparative requirements, and definitions to be used from Indian Accounting Standards. Additional disclosures
Ind AS (Indian Accounting Standards) will replace Indian GAAP and be applicable to certain companies beginning in 2016. Major changes include requirements for companies to present financial statements including a balance sheet, income statement, statement of changes in equity, and cash flow statement. Accounting standards on property, plant, and equipment, financial instruments, and revenue recognition were also updated. Ind AS requires the classification and measurement of financial instruments based on contractual cash flows and business models. It also introduces expected credit losses for impairment of financial assets to account for estimated future losses in a forward-looking manner.
Single Master Form introduced for reporting Foreign investment in India.GAURAV KR SHARMA
The Reserve Bank of India will introduce a Single Master Form (SMF) to integrate reporting of foreign investment in India. The SMF will be filed online. It will provide a facility to report total foreign investment in an Indian entity as well as investment in an Investment Vehicle by non-residents. Indian entities must input data on total foreign investment through an online interface available from June 28, 2018 to July 12, 2018. Entities not complying will be non-compliant with foreign exchange laws and regulations. The format of the SMF is provided in the annexures. Commercial banks are asked to inform customers of this new reporting requirement under FEMA.
The document summarizes key amendments made by the Companies (Amendment) Act, 2017 in India. Some of the major amendments addressed difficulties in implementation of certain provisions, facilitated ease of doing business, and harmonized company law with other statutes. Specifically, it reduced the time period for name reservation from 60 to 20 days, increased the deadline for informing about a change in registered office from 15 to 30 days, and required companies to prepare consolidated financial statements including associate companies in addition to subsidiaries.
Monitoring of Foreign Investment limits in listed Indian companies May 17th 2018GAURAV KR SHARMA
SEBI issued a circular amending two previous circulars regarding monitoring foreign investment limits in listed Indian companies. The deadline for companies to provide necessary data to depositories was extended to May 25th. The new monitoring system was pushed back to becoming operational on June 1st, in response to requests from stakeholders. This circular was issued under powers of the Securities and Exchange Board of India Act of 1992.
The document outlines amendments made by the Securities and Exchange Board of India to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Key changes include requiring listed companies to have at least one independent woman director, increasing the minimum board size for large companies, setting limits on the number of directorships a person can hold, strengthening independent director requirements, and enhancing nomination and remuneration committee meetings and composition. The amendments are aimed at improving corporate governance practices of listed companies in India.
Latest Circular on Non compliance of SEBI LODR Regulations GAURAV KR SHARMA
This document outlines the standard operating procedure that stock exchanges must follow for imposing fines and suspending trading of securities for listed entities that are non-compliant with certain provisions of SEBI's Listing Obligations and Disclosure Requirements Regulations. It specifies the fines to be levied for different types of non-compliances and the process for moving securities to a "Z" category with trade for trade settlement or suspending trading. It also details the procedure for revoking suspension or initiating compulsory delisting for entities that remain non-compliant.
SEBI update on Additional Risk management measures for derivatives segmentGAURAV KR SHARMA
The document is a circular from the Securities and Exchange Board of India (SEBI) announcing additional risk management measures for derivatives trading in stock exchanges and clearing corporations. It requires stock exchanges and clearing corporations to (1) collect initial margin, exposure margin, extreme loss margin, calendar spread margin and mark to market settlements from clearing members and trading members for equity derivatives trading; (2) enforce collection of these margins from clearing members and trading members for both equity and currency derivatives; and (3) calculate liquid net worth for clearing members in equity derivatives by deducting initial and exposure margins from liquid assets. The provisions take effect from June 1, 2018.
SEBI Circular dated Feb 22, 2018 with regard to manner of achieving minimum p...GAURAV KR SHARMA
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Innovation Management Frameworks: Your Guide to Creativity & Innovation
Revised Formats for Financial Results Sebi latest
1. Page 1 of 5
CIRCULAR
CIR/IMD/DF1/69/2016 August 10, 2016
To
All Listed Entities
All Recognized Stock Exchanges
Dear Sir / Madam,
Sub: 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
1. SEBI vide Circular No. CIR/IMD/DF1/9/2015 dated November 27, 2015, had prescribed
formats for publishing financial results for the entities which have listed their debt
securities and/or non-cumulative redeemable preference shares (‘listed entities’).
2. In continuation to SEBI Circular No. “CIR/CFD/FAC/62/2016” dated July 05, 2016, the
listed entities are advised to comply with the following:
Formats for disclosure of financial results:
2.1.This has reference to the disclosure of half yearly and annual financial results in
terms of Regulation 52 (1) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ('Listing Regulations').
2.2.The existing formats prescribed in SEBI Circular dated November 27, 2015, for
disclosure of half yearly and annual financial results, shall continue till the period
ending on or before December 31, 2016.
2.3.For the period ending after December 31, 2016, the disclosure of half yearly and
annual financial results, i.e. the Balance Sheet and the Statement of Profit and Loss,
shall be as per the formats for Balance Sheet and Statement of Profit and Loss
(excluding notes and detailed sub-classification) as prescribed in Schedule III to the
Companies Act, 2013. However, Banking Companies and Insurance Companies
shall follow the formats as prescribed under their respective Acts/Regulations as
specified by their Regulators.
2.4.Until Companies (Indian Accounting Standards) Rules, 2015 ('Ind AS Rules')
become applicable for a listed entity, the listed entity shall adopt Companies
2. Page 2 of 5
(Accounting Standards) Rules, 2006 ('AS Rules') as prescribed by the Ministry of
Corporate Affairs ('MCA').
2.5.While publishing the financial results as per Paragraph 2.3 above, the listed entities
shall disclose the figures relating to the periods as mentioned below:
2.5.1. For the Statement of Profit and Loss, the figures for the following periods shall
be disclosed:
Particulars
6 months
(Current 6
months) ended
(dd/mm/yyyy)
6 months (Corresponding
6 months in the previous
year) ended
(dd/mm/yyyy)
Year to Date
figures
ended
(dd/mm/yyyy)
Previous year
ended
(dd/mm/yyyy)
Audited/
Unaudited*
Audited/
Unaudited*
Audited /
Unaudited*
Audited
* Clearly specify whether the figures are audited or unaudited
2.5.2. For the Balance Sheet, the figures for the following periods shall be disclosed:
Particulars
As at (current half year end / year end date)
(dd/mm/yyyy)
As at (Previous year end date)
(dd/mm/yyyy)
Audited / Unaudited* Audited
* Clearly specify whether the figures are audited or unaudited
Formats for publication of financial results:
2.6.The financial results to be published in the newspapers, in terms of Regulation 52
(8) of the Listing Regulations, shall be in the format as prescribed in Annexure I.
Implementation of Ind AS:
2.7.Listed entities, adopting the Indian Accounting Standards (hereinafter referred as
‘Ind AS’) in terms of Ind AS Rules, while publishing the half yearly/annual financial
results under Regulation 52 (1) of the Listing Regulations, shall ensure that the
comparative financial results, filed along with the said half yearly/annual financial
results, are also Ind AS compliant.
2.8.In order to facilitate smooth transition, the following relaxations are being given for
the first half year of the adoption of Ind AS:
(i) The timeline for submitting the said financial results would be extended by one
month (i.e. the said half yearly financial results can be submitted within 75 days
from the end of the half year).
3. Page 3 of 5
(ii) With regard to the comparative financial results for the corresponding half year in
the preceding year, the limited review or audit of such comparative half yearly
results is not mandatory.
(iii) With regard to the comparative financial results for the preceding full year, the
submission of such comparative full year results is not mandatory. However, if the
listed entity opts to submit such comparative full year results, then limited review
or audit of such comparative full year results is not mandatory
In the aforementioned cases wherein the comparative half yearly results and/or
comparative full year results are not subjected to limited review or audit, the listed
entity shall disclose with due prominence that the said comparative results have not
been subjected to limited review or audit. The listed entity shall further disclose that
the management has exercised necessary due diligence to ensure that the said
comparative results provide a true and fair view of its affairs.
Clarifications with regard to implementation of Ind AS and other issues:
2.9. The listed entities in order to comply with the requirements of paragraph 32 of Ind
AS 101 - 'First time Adoption of Ind AS’, shall provide a reconciliation of its equity
and net profit / loss, in the following manner, for enabling the investors to
understand the material adjustments to the Balance Sheet and Statement of Profit
and Loss on account of transition from the previous Indian GAAP to Ind AS:
(i) Reconciliation of Equity for the previous year (i.e. for the year immediately before
Ind AS adoption), shall be provided while submitting the annual financial results
for the first year of adoption.
Further, if the listed entity opts to submit comparative full year results along with
the financial results for the first half year of the adoption of Ind AS in terms of
Paragraph 2.8 (iii) above, then such Reconciliation of Equity for the previous year
shall be provided while submitting the aforesaid half yearly financial results also.
(ii) Reconciliation of net profit / loss shall be provided only for the corresponding half
year in the preceding year.
2.10.In some circumstances, a listed entity may prepare financial statements for a period
different from the normal 12 month period (For instance, a listed company may now
be required to prepare financial statements for a period different from the normal 12
month period for coinciding with 31st day of March as prescribed under Section 2
(41) of the Companies Act, 2013).
4. Page 4 of 5
In the aforementioned circumstances, the financial results may have comparative
information for a shorter or longer period. The listed entity, in such cases, shall
disclose a suitable note, with due prominence, that comparative figures presented
in the half-yearly / annual financial results are not entirely comparable because of
the above reasons.
2.11.In case of any technical difficulty in disclosure of any specific item in the formats or
implementation of this circular while publishing the financial results, the listed
entities, shall be guided by the relevant provisions of the Ind AS Rules / AS Rules,
Schedule III to the Companies Act, 2013 and pertinent provisions/guidelines under
the relevant Act/Statute under which the listed entity was created, and may make
suitable modifications, as applicable. The listed entities shall also provide suitable
explanations and clarifications, wherever felt necessary.
3. This Circular shall come into force with immediate effect and the contents of the Circular
No. CIR/IMD/DF1/9/2015 dated November 27, 2015, shall stand modified to the extent
stated under this Circular.
4. The Stock Exchanges are advised to bring the provisions of this circular to the notice of
listed entities and also to disseminate the same on its website.
5. This Circular is being issued in exercise of powers conferred under Section 11 and
Section 11A of the SEBI Act, 1992 read with Regulation 52, Regulation 101 (2) and
Regulation 102 of the Listing Regulations.
6. This circular is available on SEBI website at http://www.sebi.gov.in under the category
“Circulars”.
Yours faithfully,
Richa Goel Agarwal
Deputy General Manager
Investment Management Department
richag@sebi.gov.in
5. Page 5 of 5
ANNEXURE I
Format for publishing financial results in newspapers
[Regulation 52 (8), read with Regulation 52 (4), of the SEBI (LODR) Regulations, 2015]
Sl.
No.
Particulars
Half
year
ending /
Current
Year
ended
Corresponding
half year ended in
the previous year
(Applicable only in
case of half yearly
results)
Previous
year
ended
1. Total Income from Operations
2. Net Profit / (Loss) for the period (before Tax,
Exceptional and/or Extraordinary items#
)
3. Net Profit / (Loss) for the period before tax (after
Exceptional and/or Extraordinary items#)
4. Net Profit / (Loss) for the period after tax (after
Exceptional and/or Extraordinary items#
)
5. Total Comprehensive Income for the period
[Comprising Profit / (Loss) for the period (after
tax) and Other Comprehensive Income (after
tax)]
6. Paid up Equity Share Capital
7. Reserves (excluding Revaluation Reserve)
8 Net worth
9 Paid up Debt Capital / Outstanding Debt
10 Outstanding Redeemable Preference Shares *
11. Debt Equity Ratio *
12. Earnings Per Share (of Rs. ___/- each) (for
continuing and discontinued operations) -
1. Basic:
2. Diluted:
13. Capital Redemption Reserve *
14. Debenture Redemption Reserve *
15. Debt Service Coverage Ratio *
16. Interest Service Coverage Ratio *
Note:
a) The above is an extract of the detailed format of half yearly/annual financial results filed with the Stock Exchanges under
Regulation 52 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the half
yearly/annual financial results are available on the websites of the Stock Exchange(s) and the listed entity. (URL of the
filings).
b) For the items referred in sub-clauses (a), (b), (d) and (e) of the Regulation 52 (4) of the SEBI (Listing and Other
Disclosure Requirements) Regulations, 2015, the pertinent disclosures have been made to the Stock Exchange(s)
(specify names of Stock Exchanges) and can be accessed on the URL (specify URL).
c) The impact on net profit / loss, total comprehensive income or any other relevant financial item(s) due to change(s) in
accounting policies shall be disclosed by means of a footnote.
d) # - Exceptional and/or Extraordinary items adjusted in the Statement of Profit and Loss in accordance with Ind AS Rules /
AS Rules, whichever is applicable.
e) * - The pertinent items need to be disclosed if the said disclosure is required as per Regulation 52 (4) of the SEBI (Listing
and Other Disclosure Requirements) Regulations, 2015.