In order to support and enable Companies and Limited Liability Partnerships (LLPs) in India to focus on taking necessary steps to address the COVID-19 threat, including the economic disruptions caused by it, certain measures have been implemented by the Ministry of Corporate Affairs to reduce their compliance burden and other risks.
The Finance Minister, Smt. N. Sitharaman, announced on 24th March, 2020, certain compliance and regulatory measures to help the businesses combat the impact of COVID-19 outbreak in the country. A Synopsis of such measures taken by the Finance Minister are as under:
On 1st February, 2020, the Finance Minister Smt. Nirmala Sitharaman, read out the budget for the year 2020-21 along with the proposed amendments in the provisions relating to the Direct and Indirect taxes. A Synopsis of the proposed amendments is as under:
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Apart from the health and safety of mankind, COVID-19 has unfavourably affected the economic environment which in turn has consequential impact on the results in the financial statements and reporting. There is also a need to advise the preparers of financial statements to ensure that the potential impact of COVID-19 is suitably considered in preparing and reporting their financial statements for the year ended March 31, 2020. Considering all the above factors, in order to guide the preparers and auditors, the Institute of Chartered Accountants of India (ICAI) has developed an Advisory on “Impact of Coronavirus on Financial Reporting and the Auditors Consideration” highlighting few important areas which require particular attention in respect of financial statements for the year 2019-20.
To read the summary Click here...
To read the full advisory Click here...