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Companies (Indian Accounting Standards) Amendment Rules to be effective from 1st April 2018

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 28.03. 2018

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 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) Amendment Rules, 2018.

(2) These rules shall come into force from the 1st day of April, 2018.

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 33, the following shall be inserted, namely:-

“Effective Date

34 *

35 *

36 *

37 *

38 *

39 *

39A *

39B *

39C *

39D *

39E *

39F *

39G *

39H *

39I *

39J *

39K *

39L *

39M *

39N *

39O *

39P *

39Q *

39R *

39S *

39T *

39U *

39V *

39W *

39X As a consequence of issuance of Ind AS 115, Revenue from Contracts with Customers, paragraphs D1(m),(u), D22 and heading after paragraph D33 are amended, paragraphs D34- D35 are added and earlier paragraph D36 in context of ‘Transfer of assets from customers’ is deleted. An entity shall apply those amendments when it applies Ind AS 115.

39Y *

39Z *

39AA *

39AB *

 39AC Appendix B, Foreign Currency Transactions and Advance Consideration of Ind AS 21 added paragraph D36 in context of foreign currency transactions and advance consideration and in paragraph D1, renumbered item (v) as (ua) and a new item (v) is added in its place. An entity shall apply that amendment when it applies Appendix B of Ind AS 21.’’

(ii) in Appendix D,-

(a) in paragraph D1, –

(i) for item (m), the following item shall be substituted, namely:-

‘‘(m) financial assets or intangible assets accounted for in accordance with Appendix D to Ind AS 115 Service Concession Arrangements (paragraph D22);”;

(ii) for item (u), the following item shall be substituted, namely:-

“(u) revenue (paragraphs D34-D35);’’;

(iii) item (v) shall be renumbered as item (ua) and after item (ua) as so renumbered the following item shall be inserted, namely:-

“(v) foreign currency transactions and advance consideration (paragraph D36).’’;

(b) for the heading occurring after paragraph D21A, the following heading shall be substituted, namely:-

‘‘Financial assets or intangible assets accounted for in accordance with Appendix D, Service Concession Arrangements to Ind AS 115

For whole text of the Companies (Indian Accounting Standards) Amendment Rules, 2018 click here 

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