Thursday, February 18, 2016

Amendments proposes by MCA to Ind ASs and ASs

MCA has proposed certain amendments to Indian Accounting Standards (Ind ASs) and Accounting Standards (ASs). These are as follows:-
1. Deferment ofInd AS 115 and introduction of new Ind AS 11 & 18
By accepting the proposal of the National Advisory Committee on Accounting Standards (NACAS), MCA has proposed to defer the applicability of Ind AS 115, ‘Revenue from Contracts with Customers’ to April 1, 2018. Further, two new standards on revenue recognition (Ind AS 11 and Ind AS 18) have been proposed. Companies to which Ind AS are applicable should follow Ind AS 11 & 18 for revenue recognition until Ind AS 115 comes into force.
Apart from above, MCA has also proposed amendments to:
(i)           Ind AS 1, ‘Presentation of Financial Statements’
(ii)          Ind AS 19, ‘Employee Benefits’
(iii)         Ind AS 28, ‘Investments in Associates and Joint Ventures’
(iv)         Ind AS 34, ‘Interim Financial Reporting’
(v)          Ind AS 101, ‘First-time Adoption of Indian Accounting Standards’
(vi)         Ind AS 105, ‘Non-current Assets Held for Sale and Discontinued Operations’
(vii)        Ind AS 107, ‘Financial Instruments: Disclosures’
(viii)       Ind AS 110, ‘Consolidated Financial Statements’ and
(ix)         Ind AS 112, ‘Disclosure of Interests in Other Entities’.

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2. Amendment to 6 existing ASs
Amendments in following ASs have been proposed:-
(i)           AS 2, ‘Valuation of Inventories’
(ii)          AS 4, ‘Contingencies and Events Occurring After the Balance Sheet Date’
(iii)         AS 10, ‘Accounting for Fixed Assets’
(iv)         AS 14, ‘Accounting for Amalgamations’
(v)          AS 21, ‘Consolidated Financial Statements’
(vi)         AS 29, ‘Provisions, Contingent Liabilities and Contingent Assets’
All the aforesaid proposed amendments are in line with corresponding Ind AS. After notifying amended standards mentioned above, they will replace the existing standards, i.e. existing AS 2, AS 4, AS 10, AS 14, AS 21 and AS 29.

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pace: auto;text-align:justify;text-indent:-.5in;mso-list:l0 level1 lfo1'>(vii)        Ind AS 107, ‘Financial Instruments: Disclosures’

(viii)       Ind AS 110, ‘Consolidated Financial Statements’ and
(ix)         Ind AS 112, ‘Disclosure of Interests in Other Entities’.
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