Various Ind As have been made applicable from today i.e 1st April 2019. MCA has issued two notification in respect of the same, clarifying the nature of the Ind AS and changes.
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II,
SECTION 3, SUB-SECTION (i)]
GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
New Delhi, the 30th March, 2019
G.S.R………. (E).— In exercise of the powers conferred by section 133 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government, in consultation with the National Financial Reporting Authority, hereby makes the following rules further to amend the Companies (Indian Accounting Standards) Rules, 2015, namely:-
1. Short title and commencement.-(1) These rules may be called the Companies (Indian Accounting Standards) Second Amendment Rules, 2019.
(2) They shall come into force on 1st day of April, 2019.
2. In the Companies (Indian Accounting Standards) Rules, 2015 (hereinafter referred to as the principal rules), in the “Annexure”, under the heading “B. Indian Accounting Standards (Ind AS)”,-
I. in “Indian Accounting Standard (Ind AS) 101”, -
(i) after paragraph 39AC, the following paragraphs shall be inserted, namely:-
39AF Appendix C, Uncertainty over Income Tax Treatments, to Ind AS 12 added paragraph E8. An entity shall apply that amendment when it applies Appendix C to Ind AS 12.”;
To know more in details about the notifications, click the below 2 links:
- Companies (Indian Accounting Standards) Second Amendment Rules, 2019
- Companies (Indian Accounting Standards) Amendment Rules, 2019