Companies (Accounting Standards) Rules 2021 notified on 23.6.2021

Friends,

Pl find attached notification dated 23.6.2021.

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

@ 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. 

@ 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.

@ 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.

@ 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.