MCA:
MCA has released the proposed Roadmap drawn-up for implementation of Indian Accounting Standards (Ind AS) converged with International Financial Reporting Standards (IFRS) for Scheduled Commercial Banks (Excluding Rrbs), Insurers/Insurance Companies and Non-Banking Financial Companies (NBFC’s). All Scheduled commercial banks (excluding RRBs) and Insurer/Insurance Companies would be required to prepare Ind AS based financial statements for accounting periods beginning from April 1, 2018 onwards, with comparatives for the periods ending March 31, 2018 or thereafter. Ind AS would be applicable to both consolidated and individual financial statements. Further, NBFCs will be required to prepare Ind AS based financial statements in two phases. Under Phase I, NBFCs having net worth of Rs.500 crores or more shall be required to prepare Ind AS based financial statements for accounting periods beginning from April 1, 2018 and Under Phase II, NBFCs having net worth less than Rs.500 crores shall be required to prepare Ind AS based financial statements for accounting periods beginning from April 1, 2019. Draft Notification/Rules, as required, would be issued by the Ministry of Corporate Affairs, RBI and IRDA in due course.
DVAT:
DVAT Authorities has mandated for all Government Entities having their offices functioning within the National Capital Territory of Delhi, to furnish an online quarterly return of purchases made by them for the purpose of consumption or use by them (i.e. not for the purpose of making a sale) from the dealers registered under the said Act and having a valid TIN/Registration Number in the format ‘Form GE-II’. The term ‘Government Entity’ shall mean a State Government or the Central Government or a Company, Corporation, Board, Authority, Undertaking or any other body owned, financed or controlled either wholly or partly by any State Government or the Central Government. Further, all such Government Entities shall have to enroll themselves by logging on to website of this Department www.dvat.gov.in at first by clicking on the relevant link on the menu. Basic information has to be filed online in Form GE-I. The return should be filed on quarterly basis in Form GE-II by 28th day of the month following the quarter to which the return pertains. To begin with return for the first three quarters of the current financial year (i.e. 1st April, 2015 to 30th June, 2015; 1st July, 2015 to 30th September, 2015 and 1st October, 2015 to 31st December, 2015) is required to be filed by 15th February, 2016.
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