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Companies (Accounting Standards) Rules 2021 notified on 23.6.2021

P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)

24 June 2021

Companies (Accounting Standards) Rules 2021 notified by MCA on 23.6.2021 in consultation with NFRA. These Rules will replace Companies (Accounting Standards) Rules 2006 and will be applicable to all companies other than companies to whom Companies (Indian Accounting Standards) Rules 2015 are applicable.

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P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 24 June 2021

Friends,

Pl find attached notification dated 23.6.2021.

Attached File : 9367 20210624130306 companies accounting standards rules 2021.pdf downloaded: 56 times

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yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 24 June 2021

does this mean AS is going out and all companies are indas now?

Ramachandran S (Chartered Accountant) (699 Points)
Replied 24 June 2021

@ yasawi gomes. No. The notified ASs are same as already notified and amended till date. Only points are: (i) Threshold limits for SMC are changed (ii) Some explanation below some paras and one footnote not alignment with Sch III to the CA 2013 are deleted (iii) cross-references to old AS 10/AS 6 appearing in some ASs are replaced with cross-references to revised AS 10 notified in March 2016. Virtually old wind in new bottle.

yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 24 June 2021

@ Ramchandran S AS 6 revised to AS 10 and not with IndAS 116 then. It hardwork to keep up wih the flexing of notes. I hope they finalise it one day.

Ramachandran S (Chartered Accountant) (699 Points)
Replied 24 June 2021

@ Yasawai Gomes I have also stated that AS 10/AS 6 is replaced by revised AS 10. It may be partly similar but not identical to Ind AS 16. I am unable to understand what you exactly want to know, I have clarified that there is nothing new in substance in the AS notified on 23 June 2021. That's all.

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yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 24 June 2021

@ Ramchandrin S don’t bother and thanks for your time, dates are important for working accountants due to tax. I was mentioning about how Standards evolve.