Consulting insights

Ind AS - Application, Analysis & MAT Financial Year ended 31 March 2017

2 August 2017
Traditionally and for several decades, Indian companies have been following Indian Accounting Standards which were not in full alignment with the global financial reporting standards.
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Newsflash - Introduction of Legal Identity Identifier Number for OTC Derivatives Market Participants - RSM India Newsflash

20 July 2017
The Reserve Bank of India had issued a Notification dated 1st of June 2017 “Introduction of Legal Entity Identifiers for OTC derivative markets” (RBI/2016-17/314 FMRD.FMID No.14/11.01.007/2016-17)” which requires creation of LEI (Legal Entity Identifier) number for participating into OTC Derivative market for all entities.
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Tally Solutions partners with RSM India for GST Ready ERP Software

10 July 2017
Nation's biggest accounting software partners with one of India's top accounting firms for GST Ready ERP Solutions  (news article)
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Petya/Petwrap Ransomware Attack - Newsflash

28 June 2017
Newsflash: ‘Petya/Petwrap’ Ransomware Attack
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Highlights of 17th GST Council Meeting & Notifications issued under GST

21 June 2017
https://www.rsm.global/india/sites/default/files/media/rsm_india_newsflash-highlights_of_17th_gst_council_meeting_and_notifications_issued_under_gst.pdf
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Newsflash - Changes in Import Export Code with the introduction of GST

15 June 2017
https://www.rsm.global/india/sites/default/files/media/newsflash_-_chang...  
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Newsflash - Service Tax Liability Shifted on Importer in case of Ocean Freight

14 June 2017
https://www.rsm.global/india/sites/default/files/media/newsflash_-_servi...  
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Newsflash - Ongoing Cyber Attack 'WannaCry Ransomware' & Steps to Prevent

15 May 2017
In the newsflash we would like to mention certain steps to prevent such attacks in your organization. The malicious software behind the major cyber attack is known as ‘WannaCry’. Following are the synopsis of what you need to know about 'WannaCry', the malicious software behind the ongoing worldwide hacking attack  
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Newsflash - Changes to Accounting Standards under Indian GAAP - Effective FY 2016-17 onwards

20 January 2017
The MCA vide notification dated 30 March 2016 issued the Companies (Accounting Standards) Amendment Rules, 2016 , amending the Companies (Accounting Standards) Rules, 2006 for companies following Indian GAAP accounting standards. These changes are relevant for companies that will prepare financial statements for FY 2016-17 under Indian GAAP.
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Limited Liability Partnerships in India - The NewAge Business Vehicle

29 August 2016
The dynamic business environment we live in today calls for constant change and upgradation. In order to remain relevant, there is need for a business structure that appeals to business and service sectors alike with lesser restrictions and government intervention.
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White Paper - Income Computation and Disclosure Standards (‘ICDS’)

4 April 2016
The Central Government has notified 10 income computation and disclosure standards vide Notification No. 32/2015 dated 31 March 2015. The notified tax standards are likely to create a substantial impact in the approach and methodology of computing and offering the income to Income-tax.
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Companies Act 2013 – Summary Note on Borrowings by Private Companies

9 February 2016
The objective of this summary note is to give an indicative list of persons / entities whom a private limited company generally approaches to raise funds by way of borrowings and the terms and restrictions on making such borrowings as prescribed under the Companies Act, 2013.
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Newsflash – Section 135 of the Companies Act, 2013 - FAQs on Corporate Social Responsibility

1 February 2016
Section 135 of the Companies Act, 2013, Schedule VII of the Act and Companies CSR Policy Rules, 2014 read with General Circular dated 18 June 2014    issued by the Ministry of Corporate Affairs (MCA), provide the broad contour within which eligible Companies are required to formulate their CSR policies  including activities to be undertaken and implement the same i
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Newsflash – Startup Revolution in India

28 January 2016
Startup India is a flagship initiative of the Government of India, intended to build a strong eco-system for nurturing innovation and Startups in the country that will drive sustainable economic growth and generate large scale employment opportunities. The Government through this initiative aims to empower Startups to grow through innovation and design.
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NF-Employees PF and Miscellaneous Prov. Act,-Removal of grace period of 5 days for payment of contribution by employers

18 January 2016
Vide its Circular dated 8 January 2016 EPF Authorities have removed the grace period of 5 (five) days for payment of PF contribution by Employers. Hence, the employer is now required to pay the contribution within 15 days of close of every month without any grace period.   
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