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 July 2014 edition of the Accounting and Auditing Update focuses on the aviation sector and provides insights into accounting issues faced by the sector. We also cover some significant recent developments in international accounting under IFRS where we highlight salient features of the new revenue recognition standard and the discussion paper on dynamic risk management activities (macro-hedge accounting).

This month, we also examine the complexity and diversity in practice in the areas of borrowing costs and accounting of open contracts. Finally, in addition to our round up on key regulatory developments during the recent past, this issue also highlights an article on SEBI’s review of guidelines governing stock related employee benefit schemes.

This issue includes :


  • Accounting and finacial issues in the airline sector
  • IFRS 15 - an overview
  • Accounting for dynamic risk management activities - IASB's discussion paper on macro-hedge accounting
  • Borrowing costs: Certain implementation issues
  • Commodity contracts: Accounting for open purchase/ sale contracts
  • Review of guidelines governing stock related employee benefit schemes
  • Regulatory updates


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