Monthly Archives: April 2020

National Financial Reporting Authority (NFRA)

National Financial Reporting Authority (NFRA) has been constituted on 1st October 2018 under Section 132 of the Companies Act, 2013 vide MCA Gazette Notification No. 5099(E) dated 1st October, 2018. Thereafter, MCA has notified National Financial Reporting Authority Rules, 2018, … Continue reading

Posted in Audit & Assurance |

Auditing Big Data

The difference between data and information is usually understood. Data is raw, and requires processing. Data can be simple but random and needs organization. When the data is processed, organized, analyzed and converted into information, then it is ready to … Continue reading

Posted in Audit & Assurance, Risk Advisory |

Impact of COVID-19 on Presentation of Financial Statements, Consolidated Financial Statements, Property Plant & Equipment and Borrowing Cost

1.    Presentation of Financial Statements [Ind AS 1] Breach of loan covenants (including classification of liabilities into current and non-current) Ind AS 1- Due to COVID-19 there may be instances of breach of loan covenants which may trigger the liability … Continue reading

Posted in Audit & Assurance |

Extension of Due Dates Due to Covid-19 Lockdown

INCOME TAX Nature of Compliance Relevant Period Original Due Date Extended Due Date Income Tax Return for [Belated return & Revised return] FY 2018-19 (AY 2019-20) 31st March 2020 30th June 2020 TDS Returns in Form 24Q/26Q   4th quarter … Continue reading

Posted in Direct Tax, GST, Regulatory, Taxation |

Risk Management for ‘Black Swan’ Events and Business Continuity Plan

Why the term Black Swan is used so often in risk management because the risk managers feel the need to separately call out extreme impact events, regardless of probability and they pose an existential threat to a firm. Black Swan Definition  … Continue reading

Posted in Risk Advisory |