Government of India
Ministry of Corporate Affairs
NOTIFICATION
New Delhi the 27th March, 2008
G.S.R. No. 212 (E). – In exercise of the powers conferred by clause (a) of sub-section (1) of section 642 read with sub-section (1) of section 210A and sub-section (3C) of section 211 of the Companies Act, 1956 (1 of 1956), the Central Government in consultation with the National Advisory Committee on Accounting Standards, hereby makes the following rules to amend the Companies (Accounting Standards) Rules, 2006, namely: –
1. (1) These rules may be called the Companies (Accounting Standards) Amendment Rules, 2008.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Companies (Accounting Standards) Rules, 2006, in the Annexure, in Part B, in Accounting Standard – 15 (Employee Benefits)-
(i) after paragraph 92, the following shall be inserted, namely:-
“92A. Paragraph 145(b)(iii) explains the need to consider any unrecognised part of the transitional liability in accounting for subsequent actuarial gains.”
(ii) for paragraph 116 and example illustrating Paragraph 116, the following shall be substituted, namely:-
“116. Where a curtailment relates only to some of the employees covered by a plan, or where only part of an obligation is settled, the gain or loss includes a proportionate share of the previously unrecognised past service cost (and of transitional amounts remaining unrecognised under paragraph 145(b)). The proportionate share is determined on the basis of the present value of the obligations before and after the curtailment or settlement, unless another basis is more rational in the circumstances.
