NBAI had conducted session on Union Budget in MTR Office , Bengaluru on 4th February 2020 for all the members, the event was presented live via webinar for the members in various cities of India .
The Union Budget 2020 was addressed by Mr. Himanshu Aggarwal, Associate Director, Deals, PwC. He presented the Union Budget for the year 2020 woven around three prominent themes – Aspirational India, Economic Development and Caring Society, focusing on ‘Ease of Living’ to all citizens. With no surprise, the thrust of the Budget was on agricultural sector, education and skills, infrastructure, rural economy and climate change. In continuation of the reform measures already taken so far, the direct tax proposals in this Budget focused on reforms to stimulate growth, simplify tax structure, bring ease of compliance and reduce litigations.
Post this session, an interactive session on Ind AS updates was facilitated by Mr. Niranjan Raman, Executive Director, Assurance, PwC.
The Ministry of Corporate Affairs (MCA) notified Ind AS 116, the new lease accounting standard on March 20, 2019 with the effective date of its application from April 01, 2019, which sets out the principles for recognition, presentation and disclosure of leases. These new leasing standards are expected to bring about a paradigm shift in the accounting and recognition of leases by lessees. Niranjan provided the members an update on the standard and the typical issues companies face while adopting this standard.
NBAI will be circulating the presentations by mail to all its members .