Contact Us
022-26780807

Companies (Accounting Standards) (Amendment) Rules, 2016

MCA on Wednesday, the 30th March, 2016, came out with the Companies (Accounting Standards) (Amendment) Rules, 20l6. The Central Government, in consultation with National Advisory Committee on Accounting Standards has amended the Companies (Accounting Standards) Rules,2006  as under:

  • In the principle rules, in rule 4, in sub-rule (2), the words “General purpose” shall be omitted.
  • In the principle rules, in the ANNEXURE, under the heading “ACCOUNTING STANDARDS”, under the sub-heading “A. General Instructions”, after paragraph 4, the following paragraph shall be inserted namely:-
  • The reference to Schedule Vi or ‘Companies Act, 1956’ shall mutatis ‘mutandis mean Schedule III and Companies 2013’, respectively.
  • In the principle rule, in the “ANNEXURE” under the heading “ACCOUNTING STANDARDS” for the following Accounting Standard (AS) substituted, namely:
  1. Accounting Standard (AS) 2: Valuation of Inventories
  2. Accounting Standard (AS) 4: Contingencies and events occurring after the Balance Sheet date
  3. Accounting Standard (AS) 10: Property, Plant & Equipment
  4. Accounting Standard (AS) 13: Accounting for Investments
  5. Accounting Standard (AS) 14: Accounting for Amalgamation
  6. Accounting Standard (AS) 21: Consolidated Financial Statements
  7. Accounting Standard (AS) 29: Provisions, contingent liabilities and contingent assets

The Companies (Accounting Standards) (Amendment) Rules, 2016 can be accessed at the following link: The Companies Indian Accounting Standards Rules_2016_30.03.2016

Leave a comment

Your email address will not be published. Required fields are marked *