Indian News

• CSR sparks R&D spends
• Irdai endorses panel's view to cut obligatory cession to zero from 4%
• Sebi revises framework for approving changes in control of stock brokers
• I-T dept sends notices to firms to enquire about their foreign assets
• Can't deny mediclaim to a vegetarian, insurer told
• BL Explainer: Why is SEBI moving to T+1 settlement?
• Indian industries urge RBI to consider moderating pace of rate hikes
• GST Council to meet virtually on December 17
• Stock brokers should report tech glitch within hour, says SEBI
• Sebi gives more time to implement guidelines on share pledging for margin purposes
• RBI pauses onboarding of online merchants by Paytm payments services
• After 5 years, Irdai gives licence to general insurer, 19 more in line
• Irdai approves amendments, simplifies rules to set up insurance firms

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Budget News

• Stay on fiscal glide path, boost capex in Budget: Economists to FM
• Why tax collections are likely to exceed Budget estimates
• Challenges in casting the tax net wider
• Centre invites suggestions, Dec 10 last date
• Miners' body seeks withdrawal of export duty on bauxite
• Central Trade Unions reject finance ministry’s 3-minute pre-budget consultation offer, to boycott deliberations
• Centre Might Increase CGST Target By 15% In Next Union Budget, Says Top Govt Official
• Alternative investment funds: PE-VCs look for clarity on taxation
• States' Budget demand: 60% GST share, extended compensation period
• Mutual Fund body asks for preferential tax treatment
• Exporters demand fiscal incentives, credit at affordable rates in Budget
• FM Sitharaman seeks to shrink budget deficit as global headwinds loom

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International News

• Nervous auditors re-examine crypto clients after FTX collapse
• PCAOB Hopes Updating Quality Control Rules
• In a 1st, UN to call shots on global tax rules
• Hong Kong exchange carries out first carbon credit trades
• Financial and non-financial reporting in the health sector
• FRC to fine Deloitte £440k over 2018 audit
• Concerns Bubbling Up Over Implications of Financial Data Transparency Act for GASB
• FRC publishes what makes a good environment for auditor scepticism and challenge
• New year, new challenges: Preparing for sustainability disclosures
• IFRS Foundation proposes taxonomy changes to enhance data and improve usability
• PCAOB Proposes a New Quality Control Standard

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Important Notification / Circulars

MCA:
The Companies (Registered Valuers and Valuation) Amendment Rules, 2022

Income Tax:
Explanatory Notes to the provisions of the Finance Act, 2022​ [Circular No. 23]

Customs:
Faceless Assessment - Anonymized Escalation Mechanism & extension of Standard Examination Orders through RMS (Phase 1, Part 2) [Circular No.23]

Income Tax FAQs:

Co-Browser FAQs

PCAOB Draft

A Firm's System of Quality Control and Other Proposed Amendments to PCAOB Standards, Rules, and Forms
[Last date for Comments: February 1, 2023]

CBDT Draft

Common Income Tax Return
[Last date for Comments: December 15, 2022] 

 
Go to the "Exposure Drafts" listings to access all Exposure Drafts

Financial Reporting Council, UK

Documentation:

General principles for considering the public interest in our work

Drafts:

Consultation Document - Audit Committee Standard (November 2022)
[Last date for Comments: February 8, 2023]

Draft Minimum Standard for Audit Committees (November 2022)
[Last date for Comments: February 8, 2023]