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MCA vide Notification No. G.S.R. 903(E) dated 20.09.2018 has issued Companies (Indian Accounting Standards) Second Amendment Rules, 2018.

MCA vide Notification No. G.S.R. 903(E) on Thursday, 20th September, 2018 has issued Companies (Indian Accounting Standards) Second Amendment Rules, 2018 to amend the Companies (Indian Accounting Standards) Rules, 2015 wherein;

  • in the “Annexure”, under the heading “B. Indian Accounting Standards (Ind AS)”-
  1. in “Indian Accounting Standard (Ind AS) 20”-
  • Paragraphs 23 to 28, 32-33 shall be substituted and after Paragraph 39, paragraphs 40 – 48A have been inserted.
  • In Appendix 1,- paragraphs 1 and 2 shall be omitted and after paragraph 5, paragraphs 6 and 7 shall be inserted.
  1. in “Indian Accounting Standard (Ind AS) 12”-
  • Paragraph 33 shall be substituted and in Appendix 1, paragraph 7 shall be omitted.
  1. in “Indian Accounting Standard (Ind AS) 16” –
  • Paragraph 28 shall be substituted and in Appendix 1, paragraph 3 shall be omitted.
  1. in “Indian Accounting Standard (Ind AS) 38”-
  • Paragraph 44 and paragraph 77 shall be substituted and in Appendix 1, paragraph 1 shall be omitted.

The said Notification can be accessed through the following link:MCANotfNo_GSR.903(E)_Dt.20.09.2018_Cos (IAS) 2nd Amend Rules, 2018

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