Amendment to the Companies (Ind AS) Rules, 2015
The Ministry of Corporate Affairs introduced Indian Accounting Standards (Ind AS) in the year 2015, to remain converged with IFRS standards which are globally accepted.
The Institute of Chartered Accountants of India (ICAI) monitors global developments and recommends amendments to the Ind AS as appropriate. Earlier this year, based on recommendations from ICAI MCA announced amendments to the Companies (Indian Accounting Standards) Rules, 2015, called the Companies (Indian Accounting Standards) Amendment Rules, 2020.
While the foremost change is to the definition of the terms “Material” and “Business” under Ind AS to offer additional clarification to stakeholders, there are few amendments made in the wake of Covid-19 uncertainties to offer accounting relief.
Additionally, following are the list of major amendments to the companies (Ind AS) rules, 2015, applicable for accounting years beginning on or after April 01, 2020:
|Ind AS 1||Presentation of financial statements|
|Ind AS 8||Operating segments|
|Ind AS 10||Events after the reporting period|
|Ind AS 34||Interim financial reporting|
|Ind AS 37||Provisions, contingent liabilities and contingent assets.|
|Ind AS 103||Business combinations|
|Ind AS 107||Financial instruments (Disclosures)|
|Ind AS 109||Financial Instruments|
|Ind AS 116||Leases|
ICAI’s compilation of the Ind AS called “Compendium of Ind AS” is published every year to offers ease of reference, and can be found on their website.
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