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 January 2015 edition of the Accounting and Auditing Update captures the recent press release by the Ministry of Corporate Affairs on updated timeline for adoption of Ind AS in India and another important announcement by the Ministry of Finance regarding the revised drafts of Income Computation and Disclosure Standards (ICDS).  The publication of the revised draft ICDS is quite timely and important, especially considering that the timelines for adoption of Ind AS.


This month we discuss some of the issues faced by the liquor industry and assess sector specific accounting and reporting issues.  We also provide an overview of key highlights of the annual AICPA conference held in the United States focussing on current U.S. SEC and PCAOB developments.


We also examine accounting aspects for income taxes focusing on the area of uncertain tax positions.  In addition, we highlight the salient aspects of the recently issued exposure draft of the guidance note on derivative contracts issued by the Institute of Chartered Accountants of India. 


As is the case each month, we cover key regulatory developments during the recent past as well as summarise key changes to Non-Banking Finance Company regulations issued by the Reserve Bank of India.

This issue includes :


  • Government announces roadmap for implementation of Ind AS
  • The Ministry of Finance issues revised drafts on tax computation standards
  • Liquor industry in India
  • AICPA's National Conference 2014 on current SEC and PCAOB
  • Guidance note on derivative contracts
  • Income taxes – the mystery of uncertainties
  • Revisions in NBFC framework: an overview of key revisions
  • Regulatory updates


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