CA Abhilasha Bhagat (ACA) (466 Points)
19 April 2016Whether the amendment to sch III of the Companies Act 2013 dated 06.04.2016 is applicable for FY 2015-16?
CA BHUMIT SHAH
(CHARTERED ACCOUNTANT)
(284 Points)
Replied 07 June 2016
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 08 June 2016
1) On 30.3.2016 MCA had issued two notifications:
a) Companies (Accounting Standards) (Amendment) Rules 2016
b) Companies (Indian Accounting Standards) (Amendment) Rules 2016.
2) On 6.4.2016 MCA issued notification amending Sch.III in which separate format for companies covered under Ind AS was inserted.
3) Vide circular No.4 dated 27.4.2016 MCA clarified that Companies (Accounting Standards) (Amendment) Rules 2016 will apply for preparation of accounts for accounting periods commencing on or after the publication of said notification.
4) Considering same logic it seems notification dated 6.4.2016 will apply for accounting periods commencing on or after that date. However, MCA clarification is required on this issue.
In the meantime, Vedanta Ltd has approved Balance Sheet on 28.4.2016 in the old format only:
https://www.vedantalimited.com/media/96456/final_annual_report_2016.pdf
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