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The Ministry of Corporate Affairs has released theCompanies (Indian Accounting Standards) Amendment Rules, 2021 in order to further amend theCompanies (Indian Accounting Standards) Rules, 2015. As such, the Central Government, in consultation with the National Financial Reporting Authority has notified amendments in various Ind ASs. Read the official notification below: MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 18th June, 2021 G.S.R. 419(E).In exercise of the powers con
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FAQ :
These are new rules issued by the Ministry of Corporate Affairs to amend the existing Companies (Indian Accounting Standards) Rules, 2015, and update various Indian Accounting Standards (Ind AS).
The amendments affect Indian Accounting Standards (Ind AS) 101, 102, 103, and 104.
Changes include updates to the classification and measurement of financial instruments (Ind AS 101), amendments regarding equity instruments and references to the Conceptual Framework (Ind AS 102), clarification on the recognition of liabilities in business combinations (Ind AS 103), and modifications related to effective dates and transition for insurance contracts (Ind AS 104).
The rules state that they shall come into force on the date of their publication in the Official Gazette.
No, the optional temporary exemptions from applying IFRS 9, which are available under IFRS 4, have not been provided under Ind AS 104.
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