Amendment in Companies Indian Accounting Standards (IND AS) First and Second Amendment Rules, 2019
Effective Date: 1st April 2019
MCA has notified IND AS Rules 2019 which is applicable w.e.f. 1 April, 2019, to amend the ‘Annexure B on Indian Accounting Standards (Ind AS)’ to the Companies (Ind AS) Rules, 2015 (the principal rules), by way of inserting/ substituting various paragraphs, annexures, etc. in different Ind AS. In short, Ind AS 1, 2, 7, 12, 16, 17, 19, 21, 23, 28, 32, 37, 38, 40, 41, 101, 103, 104, 107, 109, 111, etc. have been amended.
Further, The Ministry of Corporate Affairs has notified the new Ind AS 116, Leases. It shall replace existing Ind AS 17 and be effective from financial years beginning on or after April 1, 2019. The new Standard will impact accounting of leases in the books of lessees.
Ref: http://ebook.mca.gov.in/Default.aspx?page=notification
MCA Notification Date: 30th March 2019
MCA has notified IND AS Rules 2019 which is applicable w.e.f. 1 April, 2019, to amend the ‘Annexure B on Indian Accounting Standards (Ind AS)’ to the Companies (Ind AS) Rules, 2015 (the principal rules), by way of inserting/ substituting various paragraphs, annexures, etc. in different Ind AS. In short, Ind AS 1, 2, 7, 12, 16, 17, 19, 21, 23, 28, 32, 37, 38, 40, 41, 101, 103, 104, 107, 109, 111, etc. have been amended.
Further, The Ministry of Corporate Affairs has notified the new Ind AS 116, Leases. It shall replace existing Ind AS 17 and be effective from financial years beginning on or after April 1, 2019. The new Standard will impact accounting of leases in the books of lessees.
Ref: http://ebook.mca.gov.in/Default.aspx?page=notification
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