Companies (Indian Accounting Standards) Second Amendment Rules, 2018

 

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Companies (Indian Accounting Standards) Second Amendment Rules, 2018

The Ministry of Corporate Affairs has come up with the second amendment in the Companies (Indian Accounting Standards) on 20^th September, 2018. Originally the Rules framed was Companies (Indian Accounting Standards ) Rules, 2015. Owing to make the accounting standards more precise, the Ministry of Corporate affairs has come up with the Second amendment in the original Rules so formed.

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Key Companies (Indian Accounting Standards) Second Amendment Rules, 2018 Made Applicable 

1. Accounting Standard (Ind AS) 20
2. Para 23-28
3. Para 32-33
4. After para 39, the following shall be inserted, namely-

41, 42,43,44,45,46,47,48 effective date and 48 A Paragraphs 23-24, 26, 28 and 32 are amended and para 25, 27, 33 and 40 -40A have been added to allow the option of recording of Non- monetary Government grants at nominal value  and presentation of Govt grants related to assets by deducting the same from the carrying amount of the assets.

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Companies Shall Apply Amendments Annually Starting from 01/4/2018

1. In Appendix 1 paragraphs 1 and 2 shall be omitted
2. After Para 5, the following
3. Para 40 of IAS-20 relating to transitional provisions has not been included in Ind AS 20 since transitional provisions considered relevant have been included in Ind AS 101.
4. Para 41-48 of effective date of IAS 20 have not been included in Ind AS 20 since these are not relevant in Indian Context.

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Accounting Standard (Ind AS) 12
Para 33 following para shall be substituted
In Appendix 1, Para 7 shall be omitted.

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Accounting Standard (Ind AS 16)
For Para 28 the following para shall be substituted-
In Appendix 1, Para 3 Shall be Omitted.

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Accounting standard (Ind AS) 38
For Para 44, the following para shall be substituted
For Para 77, the following para shall be substituted.
In Appendix 1, Para 1 shall be omitted.

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