Regulatory Alerts || Faqonline.org

The regulatory updates publication issued by the Foundation for Audit Quality (FAQ) highlights the latest developments in accounting, auditing and regulatory developments in India and internationally.

Regulatory updates for December 2022

Recently, the Institute of Chartered Accountants of India (ICAI) issued two Exposure Drafts (EDs) pertaining to amendments to Ind AS 1, Presentation of Financial Statements and Ind AS 116, Leases. The EDs are open for comments up to 30 January 2023.

Additionally, the Securities and Exchange Board of India (SEBI) in its board meeting dated 20 December 2022 took some key decisions pertaining to the following matters:

Amendment to SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (NCS Regulations) to facilitate sustainable finance while safeguarding against greenwashing
Amendment to NCS Regulations to streamline appointment of nominee director and specify public issue timelines
Amendments regarding applicability of corporate governance norms, tenure of an auditor, computation of leverage and other provisions for REITs and InvITs
Other amendments including – strengthening focus and governance mechanisms in Market Infrastructure Institutions (MIIs), amendment to SEBI (Buy-back of Securities) Regulations, 2018 etc.

This issue of the regulatory updates publication covers some of the important updates on accounting, auditing and regulatory matters for the period from 1 December 2022 to 31 December 2022. It also highlights some of the action points that auditors may consider when applying the relevant provisions.