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 October 2022
Recently, the National Financial Reporting Authority (NFRA) issued guidance
with respect to the accounting treatment of interest on borrowings undertaken
by companies. The guidance provides detailed explanation on the various
procedures that auditors should perform with respect to recognition of interest
on the loans undertaken by companies and the appropriate accounting
treatment, as required by Ind AS 109, Financial Instruments
Additionally, the Reserve Bank of India (RBI) has issued a concept note on
Central Bank Digital Currency (CBDC). It explains the objectives, benefits,
types, technology framework and other policy implications of issuing CBDC in
India, referred to as e₹ (digital Rupee). The e₹ would provide an additional
option to the currently available forms of money. RBI is currently engaged in
working towards a phased implementation strategy for smooth and effective
roll out of CBDC framework across the country. Thus, further developments
are expected around this space in the near future.
This issue of the regulatory updates publication covers some of the important
updates on accounting and regulatory matters for the period from
1 October
2022 to 31 October 2022
. It also highlights some of the action points that
auditors may consider when applying the relevant provisions.
Download PDF for the month of October 2022
