Companies (Accounting Standards) Amendment Rules, 2016 Notification

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