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 February 2023

On 2 September 2022, the Reserve Bank of India (RBI) had issued the Guidelines on Digital Lending (digital lending guidelines), applicable to certain ‘regulated entities’. On 15 February 2023, RBI issued certain Frequently Asked Questions (FAQs) on the digital lending guidelines. The FAQs provide guidance on various aspects including what digital lending means, appointment of grievance redressal officers, provisions w.r.t. the cooling-off or look-up period, amongst others.

Regulators such as the Institute of Chartered Accountants of India (ICAI), the Securities and Exchange Board of India (SEBI), etc. have issued various discussion papers/consultation papers and publications during this month, such as the following:

• Guidance Notes on financial statements of non-corporate entities and Limited Liability Partnerships (LLPs)
• Education Material on Ind AS 21, The Effects of Changes in Foreign Exchange Rates
• SEBI consultation paper on ESG Disclosures, Ratings and Investing
• SEBI consultation paper on Streamlining Disclosures by Listed Entities and Strengthening Compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations)
• SEBI consultation paper on Strengthening Corporate Governance at Listed Entities by Empowering Shareholders – Amendments to the LODR Regulations

This issue of the regulatory updates publication covers some of the important updates on accounting and regulatory matters for the period from 1 February 2023 to 28 February 2023 . It also highlights some of the action points that auditors may consider when applying the relevant provisions.