TRAI issues ‘the Reporting System on Accounting Separation Regulations, 2012’
The Telecom Regulatory Authority of India (TRAI) has issued ‘The Reporting System on Accounting Separation Regulations, 2012 (7 of 2012)’ after repealing ‘The Reporting System on Accounting Separation Regulation, 2004 (4 of 2004)’. This regulation will come into force from the date of its publication in the Gazette.
The Accounting Separation Regulation, 2004 was framed nearly a decade ago when regulatory reporting requirements were still evolving in a nascent telecom sector. Since the implementation of Regulation 2004, telecom service sector has changed. New developments have had an impact on the information that TRAI requires as well as on the manner in which such information is to be furnished by the service providers. In the light of this, after consultation with all stakeholders, TRAI has reviewed Regulation, 2004 and notified ‘The Reporting System on Accounting Separation Regulations, 2012 (7 of 2012)’.
The new Regulation updates, rationalises and standardizes the reporting system, and strengthens audit and accountability provisions.
Its salient features are :
· Regulation 2012 is applicable to all service providers with aggregate turnover of not less than Rs one hundred crore, during the accounting year.
· Classification of services, products and network elements has been revised to capture the latest trends in technology, innovation and consumer demand.
· The formats in which information is to be submitted have been rationalised and standardised.
· A provision has been made for adoption of the reports by the Board of Directors of the company to strengthen accountability.
The complete version along with Explanatory Memorandum is available on TRAI’s website at www.trai.gov.in.
The Telecom Regulatory Authority of India (TRAI) has issued ‘The Reporting System on Accounting Separation Regulations, 2012 (7 of 2012)’ after repealing ‘The Reporting System on Accounting Separation Regulation, 2004 (4 of 2004)’. This regulation will come into force from the date of its publication in the Gazette.
The Accounting Separation Regulation, 2004 was framed nearly a decade ago when regulatory reporting requirements were still evolving in a nascent telecom sector. Since the implementation of Regulation 2004, telecom service sector has changed. New developments have had an impact on the information that TRAI requires as well as on the manner in which such information is to be furnished by the service providers. In the light of this, after consultation with all stakeholders, TRAI has reviewed Regulation, 2004 and notified ‘The Reporting System on Accounting Separation Regulations, 2012 (7 of 2012)’.
The new Regulation updates, rationalises and standardizes the reporting system, and strengthens audit and accountability provisions.
Its salient features are :
· Regulation 2012 is applicable to all service providers with aggregate turnover of not less than Rs one hundred crore, during the accounting year.
· Classification of services, products and network elements has been revised to capture the latest trends in technology, innovation and consumer demand.
· The formats in which information is to be submitted have been rationalised and standardised.
· A provision has been made for adoption of the reports by the Board of Directors of the company to strengthen accountability.
The complete version along with Explanatory Memorandum is available on TRAI’s website at www.trai.gov.in.
No comments:
Post a Comment