Corporate Updates – 05-04-2016


Ministry of Corporate Affairs has notified the Companies (Indian Accounting Standards) (Amendment) Rules,2016. The Ministry has now made it mandatory for NBFCs with net worth of Rs.500 crore or more and holding, subsidiary, joint venture or associate companies of such NBFCs to comply with Indian AS for accounting periods beginning on or after the 1st April, 2018. The amended rules also provide the principles to be followed for the purpose of calculation of net profits of NBFCs. Definition of ‘contract assets’ has been omitted. Rule 5 of principle rules have been substituted which now provides that Banking Companies and Insurance Companies shall apply the Ind ASs as notified by the Reserve Bank of India (RBI) and Insurance Regulatory Development Authority (IRDA) respectively. An insurer or insurance company shall however, provide Ind AS compliant financial statement data for the purposes of preparation of consolidated financial statements by its parent or investor or venturer, as required by the parent or investor or venturer to comply with the requirements of these rules. The amended rules shall come into force on the date of their publication in the Official Gazette.


CBDT in pursuance to the notification has released the electronic filingof ITRs 1 and 4S on its website. Further, it has also announced that other ITRs will be e-enabled shortly. Also, with effect from 01-04-2016, Form 15CA for payments to a non-resident not being a company, or to a foreign company, Form 15CB for Certificate of an accountant and Form 15CC for Quarterly statement hve been substituted by new forms and are available for e-filing.

News from NIRC of ICSI

1. The NIRC of ICSI has come out with an unique Corporate Membership for Young Members of ICSI. The whole idea behind the scheme was to build the capacity of our young members and to give them a fair chance to attend the seminars of professional interest at a reasonable cost. The scheme is named as YUVA Corporate Membership of NIRC-ICSI. The YUVA Corporate Membership Scheme for young members of NIRC of ICSI for the Financial Year 2016-17 is open for members who have awarded the membership on or after 1st January, 2014. Only First 300 members will be enrolled for the YUVA Corporate Membership Scheme. The Cheque/DD towards the YUVA Corporate Membership Fee for Rs. 3,000/- be drawn in favour of “NIRC of the ICSI”. ONLINE PAYMENT FACILITY also available.

2. The Corporate Membership Scheme of NIRC of ICSI is open for the Financial Year 2016-17 and the last date for receipt of Corporate Membership fee with early bird incentive is extended upto 15.4.2016. Anyone becoming a member under the Scheme shall be entitled to attend all the paid programs (Except workshops and residential programs) organized by NIRC free of charge throughout the year. The Cheque/DD towards the Corporate Membership Fee for the requisite amount be drawn in favour of “NIRC of the ICSI”. ONLINE PAYMENT FACILITY also available.

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