PwC ReportingPerspectives: January 2019

We are pleased to bring you the 17th edition of our quarterly newsletter PwC ReportingPerspectives covering latest developments in financial reporting as well as other regulatory updates.

As per the IFRS convergence status issued by the Accounting Standards Board of the Institute of Chartered Accountants of India (ICAI), Ind AS 116, Leases, has been submitted to the Ministry of Corporate Affairs (MCA) for notification. Ind AS 116 is proposed to be effective for annual reporting periods beginning on or after 1 April 2019. This edition discusses the implications of Ind AS 116 for lessors in the real estate industry.

The new standard on auditing (SA) 701, Communicating Key Audit Matters in the Independent Auditor’s Report, is effective for audits of financial statements for periods beginning on or after 1 April 2018. SA 701 is mandatory in the case of audit of listed entities and places a new reporting requirement on auditors of listed entities to communicate key audit matters (KAM) in their audit reports. In this edition, we discuss some of the FAQs from the implementation guide to SA 701 issued by the Auditing and Assurance Standards Board of the ICAI.

The International Accounting Standards Board (IASB) amended the definition of ‘business’ in IFRS 3, Business Combinations. This edition explores the key amendments to IFRS 3.

This edition also provides an overview of the key amendments made by the Companies (Amendment) Ordinance, 2019, to the Companies Act, 2013.

Finally, as always, we have summarised other Indian as well as global regulatory updates.

We hope you find this newsletter informative and of continued interest. We welcome your feedback at pwc.update@in.pwc.com