MCA Notifies ‘Companies (Indian Accounting Standards) Rules 2015 (i.e. Converged Ind AS)
The MCA has notified ‘Companies (Indian Accounting Standards) Rules 2015’, i.e. converged Indian Accounting Standards (Ind AS). Also changes in the Ind AS vis. a vis. corresponding IAS/ IFRS are given in Appendix 1 appearing at the end of each Ind AS.
MCA Notification dt. 16 Feb. 2015 Companies Ind AS Rules 2015 [F. No. 01/01/2009/CL-V(Part)]
G.S.R. 111(E).—In exercise of the powers conferred by Section 133 read with section 469 of the Companies Act, 2013 (18 of 2013) and sub-section (1) of Section 210A of the Companies Act, 1956 (1 of 1956), the Central Government, in consultation with the National Advisory Committee on Accounting Standards, hereby makes the following rules, namely:—
1. Short title and commencement.- (1) These rules may be called the Companies (Indian Accounting Standards) Rules, 2015. (2) They shall come into force on the 1st day of April, 2015.
[See rule 3]
A. General Instruction. –
(1) Indian Accounting Standards, which are specified, are intended to be in conformity with the provisions of applicable laws. However, if due to subsequent amendments in the law, a particular Indian Accounting Standard is found to be not in conformity with such law, the provisions of the said law shall prevail and the financial statements shall be prepared in conformity with such law.
(2) Indian Accounting Standards are intended to apply only to items which are material.
(3) The Indian Accounting Standards include paragraphs set in bold italic type and plain type, which have equal authority. Paragraphs in bold italic type indicate the main principles. An individual Indian Accounting Standard shall be read in the context of the objective, if stated, in that Indian Accounting Standard and in accordance with these General Instructions. B. Indian Accounting Standards (Ind AS)