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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:

Title Associated with
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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