India
Accounting and Auditing Update

 

The Accounting and Auditing Update, a monthly publication by KPMG in India aims at providing timely inputs on recent regulatory updates in addition to analytical articles on topics relevant to the sector.

The May 2015 edition of the Accounting and Auditing Update captures the recent issue of the application guide on the provisions of Schedule II to the Companies Act, 2013.


This month we cover an overview of the Real Estate Investment Trust (REIT) Regulations issued by the Securities and Exchange Board of India (SEBI) and also discuss the relevant accounting requirements for an investment property under Ind AS. We also highlight the requirements of the Companies Act, 2013 with respect to the share application money and bring out the key differences vis-à-vis Companies Act, 1956.


The Institute of Chartered Accountants of India (ICAI) has recently issued a guidance note on accounting for rate regulated activities. We have provided an overview of the requirements of the guidance note in this issue. In addition, we cast our lens on the recently issued ICAI’s Expert Advisory Committee’s opinion on accounting of discounts by a company.  We also provide a perspective as per Ind AS 115, Revenue from Contracts with Customers, on the accounting treatment of discounts.

 

Finally, in addition to our regular round up of regulatory updates, we have also provided an update on the proposed amendment on accounting for income taxes on intercompany transfers and balance sheet classification of deferred tax and liability including transition guidance under the U.S. GAAP.

This issue includes :

 

  • The ICAI provides guidance on provisions relating to depreciation under the Companies Act, 2013
  • Accounting of investment property
  • Share application money – accounting and disclosures
  • Guidance note on accounting for rate regulated activities
  • Disclosure of discounts while presenting revenue
  • Proposals for changes to accounting for income taxes under U.S. GAAP
  • Regulatory updates

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