MCA vide Notification No. G.S.R. 1075(E) dt. Thursday, 17th November, 2016 amended Schedule II of Companies Act, 2013 which shall be applicable for accounting period commencing on or after 1st April, 2016.
It is clarified on applicability of Accounting Standards for intangible assets i.e., relevant Indian Accounting Standards (Ind AS) shall apply, except to companies which are not required to comply with Ind AS, shall comply with AS under Companies (Accounting Standards) Rules, 2016.
The said notification can be accessed at the following link. mca-notifdt17-11-2016amendmtscheduleii