{"id":261274,"date":"2022-02-07T16:30:51","date_gmt":"2022-02-07T11:00:51","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=261274"},"modified":"2022-02-07T14:24:11","modified_gmt":"2022-02-07T08:54:11","slug":"sebi-issues-guidelines-on-accounting-with-respect-to-indian-accounting-standards-ind-as","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/02\/07\/sebi-issues-guidelines-on-accounting-with-respect-to-indian-accounting-standards-ind-as\/","title":{"rendered":"SEBI issues guidelines on Accounting with respect to Indian Accounting Standards (IND AS)"},"content":{"rendered":"<div style=\"text-align: justify;\">SEBI has issued guidelines on Accounting with respect to Indian Accounting Standards (IND AS).\u00a0 SEBI vide notification dated January 25, 2022 amended SEBI (Mutual Funds) Regulations, 1996 (MF Regulations), which, inter-alia, mandated that the AMCs shall prepare the Financial Statements and Accounts of the Mutual Fund Schemes in accordance with IND AS with effect from April 01, 2023.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<h4 style=\"text-align: justify;\">Key features:<\/h4>\n<ol style=\"text-align: justify;\">\n<li>Mutual Fund Schemes shall prepare the opening balance sheet as on date of transition and the comparatives as per the requirements of IND AS.<\/li>\n<li>Perspective historical per unit statistics mentioned in Clause 6 of Eleventh Schedule of MF Regulations requires disclosure of scheme wise per unit statistics for the past 3 years. In this regard, Mutual Fund schemes may not be mandatorily required to restate the previous years published perspective historical per unit statistics as per requirement of IND AS for the first two years from first time ad option of IND AS. However, Mutual Fund schemes shall furnish following additional information in perspective historical per unit statistics:<\/li>\n<\/ol>\n<ul style=\"text-align: justify;\">\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Label the previous Generally Accepted Accounting Principles (GAAP) information prominently as not being prepared in accordance with IND AS; and<\/li>\n<li>Disclose the nature of the adjustments that would be required to make it comply with IND AS. Mutual Funds schemes need not quantify those adjustment.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">It is clarified that Brokerage and transaction cost incurred for the purpose of execution shall be charged to the schemes as provided under Regulation 52 (6A) (a) upto 12 bps and 5 bps for cash market transactions and derivatives transactions respectively. Any payment towards brokerage &amp; transaction costs, over and above the said 12 bps and 5<\/div>\n<div style=\"text-align: justify;\">bps for cash market transactions and derivatives transactions respectively may be charged to the Scheme within the maximum limit of Total Expense Ratio (TER) as prescribed under Regulation 52 of the SEBI (Mutual Finds) Regulations, 1996.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>SEBI has issued guidelines on Accounting with respect to Indian Accounting Standards (IND AS).\u00a0 SEBI vide notification dated January 25, 2022 amended <\/p>\n","protected":false},"author":8808,"featured_media":252507,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[],"class_list":["post-261274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEBI issues guidelines on Accounting with respect to Indian Accounting Standards (IND AS) | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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at Concessional Rate of Duty) Amendment Rules, 2022 On February 01, 2022, the Central Board of Indirect Taxes & Customs (CBIC) has issued the Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules,\u2026","rel":"","context":"In &quot;Legal RoundUp&quot;","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/MicrosoftTeams-image-44.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/MicrosoftTeams-image-44.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/MicrosoftTeams-image-44.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/MicrosoftTeams-image-44.jpg?resize=700%2C400&ssl=1 2x, 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Regulation 25 of SEBI (Mutual Funds) Regulations,1996 (\u2018MF Regulations\u2019), asset management companies are required to invest\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":249567,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/10\/franklin-templeton\/","url_meta":{"origin":261274,"position":2},"title":"Decoded | SEBI bars Director of Franklin Templeton AMC,  wife from accessing securities markets for 1 yr: Can redemption of units by Director of a mutual fund AMC be titled as fair conduct?","author":"Bhumika Indulia","date":"June 10, 2021","format":false,"excerpt":"Securities Exchange Board of India (SEBI): G. Mahalingam (Whole Time Member) held that while directors are not prohibited from trading in units of the schemes managed by the Asset Management Company, they should ensure that such trading conforms to ethical and moral standards and legal norms expected to be complied\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":254934,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/30\/sebi-issues-circular-on-swing-pricing-framework-for-mutual-fund-schemes\/","url_meta":{"origin":261274,"position":3},"title":"SEBI issues Circular on Swing pricing framework for mutual fund schemes","author":"Bhumika Indulia","date":"September 30, 2021","format":false,"excerpt":"On September 29, 2021, SEBI has issued a circular Swing pricing framework for mutual fund schemes. The Swing pricing framework was introduced for open ended debt mutual fund schemes (except overnight funds, Gilt funds and Gilt with 10-year maturity funds). The circular shall be applicable with effect from March 1,\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":261433,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/02\/10\/sebi-issues-circular-on-audit-committee-of-asset-management-companies-amcs\/","url_meta":{"origin":261274,"position":4},"title":"SEBI issues circular on Audit Committee of Asset Management Companies (AMCs)","author":"Bhumika Indulia","date":"February 10, 2022","format":false,"excerpt":"On February 09, 2022, SEBI has issued a circular on Audit Committee of Asset Management Companies (AMCs). It has been decided that the AMCs of mutual funds shall be required to constitute an Audit Committee. The circular provides the role, responsibility, membership and other features of the Audit Committee of\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":239014,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/11\/11\/sebi-introduces-flexi-cap-fund-as-a-new-category-under-equity-schemes\/","url_meta":{"origin":261274,"position":5},"title":"SEBI introduces \u201cFlexi Cap Fund\u201d as a new category under Equity Schemes","author":"Bhumika Indulia","date":"November 11, 2020","format":false,"excerpt":"In order to give more flexibility to the mutual funds and taking into account the recommendations of Mutual Fund Advisory Committee (MFAC), a new category named \u201cFlexi Cap Fund\u201d under Equity Schemes will be available with the following scheme characteristics. Category of Scheme Scheme Characteristics Type of scheme (uniform description\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/261274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=261274"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/261274\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/252507"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=261274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=261274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=261274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}