[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, dated 16th February2015
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) and sub-section (1) of section 210A of the Companies Act, 1956 (1 of 1956), the Central Government, in consultation with the National Advisory Committee on Accounting Standards, hereby makes the following rules, namely:-
1. Short title and commencement.-
(1) These rules may be called the Companies (Indian Accounting Standards) Rules, 2015.
(2) They shall come into force on the 1st day of April, 2015
2. Definitions.- (1) In these rules, unless the context otherwise requires,-
(a) “Accounting Standards” means the standards of accounting, or any addendum thereto for companies or class of companies as specified in rule 3;
(b) “Act” means the Companies Act, 2013 (18 of 2013);
(c) “Annexure” in relation to these rules means the Annexure containing the Indian Accounting Standards (Ind AS) appended to these rules;
(d) “entity” means a company as defined in clause (20) of section 2 of the Act;
(e) “financial statements” means financial statements as defined in clause (40) of section 2 of the Act;
(f) “net worth” shall have the meaning assigned to it in clause (57) of section 2 of the Act.
(2) Words and expressions used herein and not defined in these rules but defined in the Act shall have the same meaning respectively assigned to them in the Act.
3. Applicability of Accounting Standards. -
(1) The accounting standards as specified in the Annexure to these rules to be called the Indian Accounting Standards (Ind AS) shall be the accounting standards applicable to classes of companies specified in rule 4.
(2) The Accounting standards as specified in Annexure to the Companies (Accounting Standards) Rules, 2006 shall be the Accounting Standards applicable to the companies other than the classes of companies specified in rule 4.
(3) A company which follows the Indian Accounting Standards (Ind AS) specified in Annexure to these rules in accordance with the provisions of rule 4 shall follow such standards only.
(4) A company which follows the accounting standards specified in Annexure to the Companies (Accounting Standards) Rules, 2006 shall comply with such standards only and not the Standards specified in Annexure to these rules.
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