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MCA introduces IND AS Amendment Rules

Posted on 25 July 2020,    
 5133    Share  Report

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY. PART II, 
SECTION 3. SUB-SECTION (i)] 

GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS 
NOTIFICATION 

New Delhi, the 24th July, 2020 

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:

I. Short title and commencement.-

(1) These rules may he called the Companies (Indian Accounting Standards) Amendment Rules, 2020. 
(2) They shall come into force on the date of their publication in the Official Gazette. 

2 In the Companies (Indian Accounting Standards) Rules, 2015, in the "Annexure", under the heading "B. Indian Accounting Standards (Ind AS)",- 

(A) in "Indian Accounting Standard (Ind AS) 103", - 

(i) for paragraph 3, the following shall be substituted, namely:-

"3 An entity shall determine whether a transaction or other event is a business combination by applying the definition in this Ind AS, which requires that the assets acquired and liabilities assumed constitute a business. if the assets acquired are not a business, the reporting entity shall account for the transaction or other event as an asset acquisition. Paragraphs B5--B12D provide guidance on identifying a business combination and the definition of a business.": 

(ii) after paragraph 640, the following shall be inserted, namely:- 

"64P Definition of a Business (Amendments to Ind AS 103), added paragraphs B7A–B7C, B8A and BI2A–BI2D, amended the definition of the term 'business' in Appendix A, amended paragraphs 3, B7–B9, B11 and B12 and deleted paragraph B10. An entity shall apply these amendments to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after the 1st April, 2020 and to asset acquisitions that occur on or after the beginning of that period."; 

To view more in details, find the enclosed attachment

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