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 the month of June 2022
Some of the important updates include the issuance of an exposure draft of the Guidance Note on CARO 2020 (Revised 2022 edition) by the Institute of
Chartered Accountants of India (ICAI). This exposure draft has proposed key clarifications pertaining to reporting under the CARO 2020. It has
highlighted the clauses where the disclosure requirements under Schedule III are different as compared to the CARO 2020.
Additionally, the Reserve Bank of India (RBI), as a part of the Scaled Based Regulatory (SBR) framework has issued guidelines on differential
provisioning to be recognised by NBFCs classified in the upper layer towards different classes of standard assets.
This issue of our regulatory updates publication covers some of the important updates on accounting, auditing and regulatory matters for the
period from 1 June 2022 to 30 June 2022. It also highlights some of the action points that auditors may consider when applying the relevant
provisions.
Download PDF for the month of June 2022
