On 16-02-2015, MCA had notified Companies (Indian Accounting Standards) Rules, 2015.
Today, (30/03/2016) Ministry of Corporate Affairs (MCA) has notified Companies (Indian Accounting Standards) (Amendment) Rule, 2016.
The amendment has made the following changes:
Indian Accounting Standard (Ind AS) 11 – Construction Contracts notified. The standard shall be applied in accounting for construction contracts in the financial statements of contractors.
Indian Accounting Standard (Ind AS) 18 – Revenue notified. The standard shall be applied in accounting for revenue arising from following transactions and events:
(a) sale of goods;
(b) the rendering of services, and
(e) the use by others of entity assets yielding interest and royalties
[F No. 01/01/2009-CL-V(Part)]
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