Ministry of Corporate Affairs (MCA) has made amendments to Companies (Accounting Standards) Rules, 2006 by the Companies (Accounting Standards) Amendment Rules, 2016 by notification dated 30/03/2016.
In the amended rules:
Reference to Companies Act 2013 has been incorporated;
For financial statements reference to section 2(40) of the Companies Act 2013 has been made.
Reference to Schedule-II of the Companies Act 2013 has been made.
The following Accounting Standards have been amended and substituted:
Accounting Standards (AS) 2 Valuation of Inventories
Accounting Standards (AS) 4 Contingencies and events Ocurring after Balance Sheet Date
Accounting Standards (AS) 10 Property, Plant and Equipment
Accounting Standards (AS) 13 Accounting for Investments
Accounting Standards (AS) 14 Accounting for Amalgamation
Accounting Standards (AS) 21 Consolidated Financial Statements
Accounting Standards (AS) 29 Provisions, Contingent Liabilities and Contingent Assets
[F No. 17/151/2013-CL-V]
Amardeep Singh Bhatia
Joint Secretary to the Government of India
Refund can not be denied on the ground that it was claimed in a return filed u/s 148 where no…
The distinction between religious and charitable purposes is determined by institution's primary or dominant object and not merely by presence…
For determination of what constitutes a fit case to issue notice u/s 148, rule of relevancy of the material and…
AO is under an obligation to duly consider the explanation furnished by the assessee and assign reasons for rejecting the…
CBIC issues SoP for clearance of imported goods through Foreign Post Offices under Postal Import Regulations, 2025. Standard Operating Procedure…
Sale deed executed with full knowledge of only part consideration paid, cannot be rendered void or inoperative merely for non…