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.

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.

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.

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

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

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.