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CAalley Newsletter dated February 20, 2023

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Latest additions to CAalley:


Indian News

International News

Acts & Regulations:

RBI Master Direction

Exposure Draft:

RBI Draft

From the ICAI:

Indian Accounting Standards (IndAS)

International Content:

International Financial Reporting Standards (IFRS) [New addition]

Legal Updates:



News Update:

Indian News:

EPFO sets procedure to apply for higher pension in Employees Pension Scheme

Banks, financial institutions should safeguard banking security, says RBI

Over 94% value erosion found in 165 IBC liquidation case

FinMin to meet heads of banks on Feb 22; to review progress ECLGS for MSMEs

GST Council reaches broad consensus on setting up GST Appellate Tribunal; likely to be included in Finance Bill 2023

GST Council cuts tax on jaggery; rationalises late fee on delayed returns

Entire Rs 16,982 cr GST compensation cess to states to be cleared: FM

No service tax on takeaway food items sold by restaurants: CESTAT

RBI issues final guidelines on interest rate risk in banking book

India finalises 13 activities under 3 heads for trading of carbon credits

PwC will hire around 30,000 people in India in couple of years: Chairman


International News:

‘Fake EBITDA’ masks risk in debt-laden companies

ISSB announces sustainability standards issue date

FASB votes to finalize lease accounting relief

Acts & Regulations:

RBI Master Direction:

Master Directions on Prepaid Payment Instruments (PPIs) (Updated as on February 10, 2023)

Exposure Draft:

RBI Draft:

Draft Guidelines on Minimum Capital Requirements for Market Risk – under Basel III
[Last date for Comments: April 15, 2023] 

From the ICAI:

Indian Accounting Standards (IndAS):

Indian Accounting Standards (IndAS) have been updated and educational material has also been added.

International Content:

International Financial Reporting Standards (IFRS):

International Financial Reporting Standards (IFRS) have been uploaded

Legal Updates:


Implementation of Indian Accounting Standards (Ind AS)

Reserve Bank of India (Financial Statements - Presentation and Disclosures) Directions, 2021 – Disclosures for State Co-operative Banks and Central Co-operative Banks

Governance, measurement and management of Interest Rate Risk in Banking Book



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