Companies Ind AS Rules 2015 Notified by MCA

MCA has notified the ‘Companies Indian Accounting Standards (Ind AS) Rules 2015’, i.e. converged Indian Accounting Standards (Ind AS) have been notified. Also, MCA has also provided information on changes in the Ind AS vis-a-vis corresponding IAS/ IFRS in the Annexure at the end of each Ind AS.

MCA Notification dt. 16 Feb. 2015 – The 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 the 1st day of April, 2015.

2. Definitions

3. Applicability of Accounting Standards

4. Obligation to comply with Indian Accounting Standards (Ind AS)

5. Exemptions


[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)

B. Indian Accounting Standards (Ind AS)
Ind AS 101 – First-time Adoption of Indian Accounting Standards
Ind AS 102 – Share-based Payment
Ind AS 103 – Business Combinations
Ind AS 104 – Insurance Contracts
Ind AS 105 – Non-current Assets Held for Sale and Discontinued Operations
Ind AS 106 – Exploration for and Evaluation of Mineral Resources
Ind AS 107 – Financial Instruments: Disclosures
Ind AS 108 – Operating Segments
Ind AS 109 – Financial Instruments
Ind AS 110 – Consolidated Financial Statements
Ind AS 111 – Joint Arrangements
Ind AS 112 – Disclosure of Interests in Other Entities
Ind AS 113 – Fair Value Measurement
Ind AS 114 – Regulatory Deferral Accounts
Ind AS 115 – Revenue from Contracts with Customers
Ind AS 1 – Presentation of Financial Statements
Ind AS 2 – Inventories
Ind AS 7 – Statement of Cash Flows
Ind AS 8 – Accounting Policies, Changes in Accounting Estimates and Errors
Ind AS 10 – Events after the Reporting Period
Ind AS 12 – Income Taxes
Ind AS 16 – Property, Plant and Equipment
Ind AS 17 – Leases
Ind AS 19 – Employee Benefits
Ind AS 20 – Accounting for Gov. Grants and Disclosure of Govt. Assistance
Ind AS 21 – The Effects of Changes in Foreign Exchange Rates
Ind AS 23 – Borrowing Costs
Ind AS 24 – Related Party Disclosures
Ind AS 27 – Separate Financial Statements
Ind AS 28 – Investments in Associates and Joint Ventures
Ind AS 29 – Financial Reporting in Hyperinflationary Economies
Ind AS 32 – Financial Instruments: Presentation
Ind AS 33 Earnings per Share
Ind AS 34 – Interim Financial Reporting
Ind AS 36 – Impairment of Assets
Ind AS 37 – Provisions, Contingent Liabilities and Contingent Assets
Ind AS 38 – Intangible Assets
Ind AS 40 – Investment Property
Ind AS 41 – Agriculture

Related Posts:
Companies (Ind AS) Amendment Rules, 2018
Companies (Ind AS) Amendment Rules, 2017
Companies (Ind AS) Amendment Rules, 2016
List of Indian Accounting Standards (Converged Ind AS)

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