MCA notifies Companies Ind AS Amendment Rules, 2016

MCA Notifies “Companies Indian Accounting Standards (Ind AS) Amendment Rules, 2016”

The Ministry of Corporate Affairs (MCA) has notified Companies (Indian Accounting Standards) Amendment Rules, 2016, in consultation with the National Advisory Committee on Accounting Standards (NACAS), vide Notification dt 30th March 2016, effective from the date of publication in the Official Gazette.

These Amendment Rules have mainly extended the scope of applicability of Ind AS to certain NBFCs and have inserted a) Ind AS 11 (Construction Contracts); & b) Ind AS 18 (Revenues). Besides various amendments have been carried out in other Ind AS by these Rules.

Summary Overview of Amendments/ Additions made in the Ind AS by the Rules of Companies (Indian Accounting Standards) (Amendment) Rules, 2016

Rule No.Ind AS (Amended/ Inserted/ Omitted)
5Ind AS 101: First time adoption of Indian Accounting Standards (Amended)
6Ind AS 103: Business Combinations (Amended)
7Ind AS 104: Insurance Contracts (Amended)
8Ind AS 105: Non-current Assets Held for Sale and Discontinued Operations (Amended)
9Ind AS 107: Financial Instruments: Disclosures (Amended)
10Ind AS 109: Financial Instruments (Amended)
11Ind AS 110: Consolidated Financial Statements (Amended)
12Ind AS 112: Disclosure of Interests in Other entities (Amended)
13Ind AS 115:  Revenue from Contracts with Customers (Omitted)
14Ind AS 1: Presentation of Financial Statements (Amended)
15Ind AS 2: Inventories (Amended)
16Ind AS 11 Construction Contracts (Inserted)
17Ind AS 12 Income Taxes (Amended)
18Ind AS 16 Property, Plant and Equipment (Amended)
19Ind AS 17 Leases (Amended)
20Ind AS 18 Revenue (Inserted)
21Ind AS 19: Employee Benefits (Amended)
22Ind AS 23: Borrowing Costs (Amended)
23Ind AS 28: Investments in Associates and Joint ventures (Amended)
24Ind AS 32: Financial Instruments: Presentation (Amended)
25Ind AS 34: interim Financial Statements (Amended)
26Ind AS 36: Impairment of Assets (Amended)
27Ind AS 37: Provisions, Contingent Liabilities and Contingent Assets (Amended)
28Ind AS 38: Intangible Assets (Amended)
29Ind AS 40: Investment Property (Amended)

MCA Notification dt 30 March 2016: Companies (Ind AS) Amendment Rules, 2016


MCA invites suggestions/ comments on draft “Companies (Indian Accounting Standards) Amendment Rules 2016

The MCA had issued Notice dt. 16th Feb 2016, inviting comments/ suggestions on the draft “Companies (Indian Accounting Standards) Amendment Rules, 2016 latest by 1st March, 2016

MCA Draft Companies (Ind AS) Amendment Rules, 2016

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