The Foundation for Audit Quality (FAQ) is pleased to issue a series of monthly publications on regulatory updates. This publication highlights the latest developments in accounting, auditing and regulatory developments in India and internationally.
Recently, the Securities and Exchange Board of India (SEBI) issued guidelines for asset management companies to prepare the financial statements of mutual fund schemes under Indian Accounting Standard (Ind AS) with effect from 1 April 2023. SEBI has also issued guidance, including formats to be used while reporting under Ind AS.
The Ministry of Corporate Affairs (MCA) requires certain companies to furnish a report on corporate social responsibility for FY2020-21 and onwards. This issue of our regulatory updates publication covers some of the important updates on accounting, auditing and regulatory matters for the period from 1 February 2022 to 28 February 2022. It also highlights some of the action points that auditors may consider when applying the relevant provisions.
During the financial year 2021-22, a number of important updates have been issued by various financial and regulatory bodies such as ICAI, SEBI, RBI, ICAI and other regulators. These updates have been summarised below along with their applicability dates in the section on ‘Recap on key updates’.
