The “Companies Indian Accounting Standards Rules 2015,” or the convergent Indian Accounting Standards (nd AS), have been notified by MCA. Additionally, MCA has included information in the Annexure at the conclusion of each Ind AS regarding changes made to the Ind AS in comparison to the relevant IAS/IFRS. Furthermore, the MCA periodically revised the Companies IND AS Rules 2015 through the Companies IND AS Amendment Rules notified from 2016 to 2022.
| Ind AS Rules 2015 Amendment Rules 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
Companies IND AS Rules 2015
MCA Notification dt. 16/02/2015: Companies (Ind AS) Rules, 2015
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 01/04/2015.
2. Definitions:
(1) In these rules, unless the context otherwise requires,-
(a) “Accounting Standards” means the standards of accounting, or any addendum thereto for companies or class of companies as specified in rule 3;
(b) “Act” means the Companies Act, 2013 (18 of 2013);
(c) “Annexure” in relation to these rules means the Annexure containing the Indian Accounting Standards (Ind AS) appended to these rules;
(d) “entity” means a company as defined in clause (20) of Section 2 of the Act;
(e) “financial statements” means financial statements as defined in clause (40) of Section 2 of the Act;
(f) “net worth” shall have the meaning assigned to it in clause (57) of Section 2 of the Act.
(2) Words and expressions used herein and not defined in these rules but defined in the Act shall have the same meaning respectively assigned to them in the Act.
3. Applicability of Accounting Standards: {Refer Note 1]
4. Obligation to comply with Indian Accounting Standards (Ind AS): [Refer Note 1]
5. Exemptions: [Refer Note 1]
Annexure
[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) [Refer Note 2] |
Note: 1. Please refer above attachment for detailed text of Rules 3, 4, & 5.
2. Please refer above attachment for detailed text of each IND AS mentioned in Table.
Companies Ind AS Amendment Rules, 2016
MCA has notified the Companies Indian Accounting Standards Amendment Rules, 2016, in consultation with the National Advisory Committee on Accounting Standards (NACAS). These Amendment Rules have mainly extended the scope of applicability of Ind AS to certain NBFCs and have inserted Ind AS 11 (Construction Contracts) and Ind AS 18 (Revenues). Besides these amendment rules have carried out various amendments in Ind AS 101, 103, 104, 105, 107, 109, 110, 112, 115, 1, 2, 12, 16, 17, 18, 19, 23, 28, 32, 34, 36, 37, 38 and 40.
MCA Notification dt 30/03/2016 : Companies (Ind AS) Amendment Rules, 2016
Companies (Ind AS) Amendment Rules, 2017
The MCA has notified the Companies Indian Accounting Standards Amendment Rules, 2017, making amendments in ‘Ind AS 102: Share-based Payment’ and ‘Ind AS 7: Statement of Cash Flows’ applicable w.e.f. 01/04/2017.
MCA Notification dt. 17/03/2017: Companies (Ind AS) Amendment Rules, 2017
Companies (Ind AS) Amendment Rules, 2018
The MCA has notified the Companies Indian Accounting Standards Amendment Rules, 2018, whereby ‘Ind AS-115: Revenue from Contracts with Customers’ has been made applicable from financial years 2018-19 and changes in various Ind AS have been made, like Ind AS 1, 2, 8, 11, 12, 16,17,18,21,23,28,32,34,36,37,38,40, 101, 103, 104, 107, 109, 112 and 114.
MCA Notification dt. 28/03/2018: Companies (Ind AS) Amendment Rules, 2018
Companies (Ind AS) Second Amendment Rules, 2018
MCA has notified the “Companies Indian Accounting Standards Second Amendment Rules, 2018” and has amended the Ind AS 12, Ind AS 16, Ind AS 20 and Ind AS 38.
MCA Notification dt. 20/09/2018: Companies (Ind AS) Second Amendment Rules, 2018
Companies (Ind AS) First & Second Amendment Rules, 2019
MCA has notified the Companies (Indian Accounting Standards) First and Second Amendment Rules, 2019, applicable w.e.f. 01/04/2019, to amend the ‘Annexure B on Indian Accounting Standards (Ind AS)’ to the Companies (Ind AS) Rules, 2015 (the principal rules), by way of inserting/ substituting/ amending various paragraphs, annexures, etc. in different Ind AS. In short, Ind AS 1, 2, 7, 12, 16, 17, 19, 21, 23, 28, 32, 37, 38, 40, 41, 101, 103, 104, 107, 109 and 111 have been amended. Further, new ‘Ind AS 116: Leases’ has been inserted/ notified.
MCA Notification dt. 30/03/2019: Companies (Ind AS) Second Amendment Rules, 2019
MCA Notification dt. 30/03/2019: Companies (Ind AS) First Amendment Rules, 2019
Companies (Ind AS) Amendment Rules, 2020
MCA has notified the Companies (Indian Accounting Standards) Amendment Rules, 2020, to make various amendments in IND AS 103, 107, 109, 116, 1, 8, 10, 34 and 37.
MCA Notification dt. 24/07/2020: Companies (Ind AS) Amendment Rules, 2020
Companies (Ind AS) Amendment Rules, 2021
MCA notifies the Companies (Indian Accounting Standards) Amendment Rules, 2021 to amend IND AS 101, 102, 103, 104, 105, 106, 107, 109, 111, 114, 115, 116, 1, 8, 12, 16, 27, 28, 34, 37, 38 and 40.
MCA Notification dt. 18/06/2021: Companies (Ind AS) Amendment Rules, 2021
Companies (Ind AS) Amendment Rules, 2022
MCA has notified the Companies (Indian Accounting Standards) Amendment Rules, 2022, applicable w.e.f. 01/04/2022, to make various amendments in IND AS 101, 103, 109, 16, 37 and 41.
MCA Notification dt. 23/03/2022: Companies (Ind AS) Amendment Rules, 2022
IND AS Related Posts:
ICAI’s Compendium of IND ASs issued by MCA (2023-24)
List of Indian Accounting Standards (Converged IND ASs) issued by MCA
ICAI’s Revised Overview of IND ASs issued by MCA (July, 2023)
ICAI’s Revised Guidance Notes on Ind AS Compliance by Companies/ NBFCs
ICAI’s Checklist on Disclosure Requirements of Ind AS issued by MCA
Roadmap for Implementation of Indian Accounting Standards (IND ASs)
Compendium of Clarifications on ‘Ind AS Implementation’ Issues by ITFG ICAI
ICAI’s Quick Referencer (2019 Edition) on IND ASs issued by MCA