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)
5 Ind AS 101: First time adoption of Indian Accounting Standards (Amended)
6 Ind AS 103: Business Combinations (Amended)
7 Ind AS 104: Insurance Contracts (Amended)
8 Ind AS 105: Non-current Assets Held for Sale and Discontinued Operations (Amended)
9 Ind AS 107: Financial Instruments: Disclosures (Amended)
10 Ind AS 109: Financial Instruments (Amended)
11 Ind AS 110: Consolidated Financial Statements (Amended)
12 Ind AS 112: Disclosure of Interests in Other entities (Amended)
13 Ind AS 115:  Revenue from Contracts with Customers (Omitted)
14 Ind AS 1: Presentation of Financial Statements (Amended)
15 Ind AS 2: Inventories (Amended)
16 Ind AS 11 Construction Contracts (Inserted)
17 Ind AS 12 Income Taxes (Amended)
18 Ind AS 16 Property, Plant and Equipment (Amended)
19 Ind AS 17 Leases (Amended)
20 Ind AS 18 Revenue (Inserted)
21 Ind AS 19: Employee Benefits (Amended)
22 Ind AS 23: Borrowing Costs (Amended)
23 Ind AS 28: Investments in Associates and Joint ventures (Amended)
24 Ind AS 32: Financial Instruments: Presentation (Amended)
25 Ind AS 34: interim Financial Statements (Amended)
26 Ind AS 36: Impairment of Assets (Amended)
27 Ind AS 37: Provisions, Contingent Liabilities and Contingent Assets (Amended)
28 Ind AS 38: Intangible Assets (Amended)
29 Ind AS 40: Investment Property (Amended)

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

MCA Draft Companies (Ind AS) Amendment Rules, 2016

Related Posts:

All About ‘Ind AS’ (Converged ‘Indian Accounting Standards’)

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