COMPANIES (ACCOUNTING STANDARDS) (AMENDMENT) RULES, 2011 – NOTIFIED IND AS

NOTIFICATION NO. G.S.R. 179(E), DATED 3-3-2011

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, 2011.

(2) It shall come into force on such date as the Central Government may, by notification in the official Gazette, appoint and different dates may be appointed for different classes of companies.

2. In the Companies (Accounting Standards) Rules, 2006, (hereinafter called as principal rules), in the Definition for clause ‘C, the following shall be substituted, namely,—

“Annexure means Annexure to the rules ;”

3. In the Principal rules, in rule 3,

(i)  the existing sub-rules (1) and (2) shall be re-numbered as sub-rules (3) and (4) respectively;

(ii)  in re-numbered sub-rule (3), for the word ‘Annexure’, the word Annexure “B” shall be substituted;

(iii)  before the re-numbered sub-rule (3), the following sub-rules shall be inserted, namely:—

“(1) The Central Government hereby prescribes Accounting Standards for application by companies specified in sub-rule (4) to be called Indian Accounting Standards (Ind ASs), which are specified in the Annexure A to these rules which shall apply to the following class of companies:-

(I)  Companies other than Insurance companies, Banking companies and Non- Banking Finance Companies

(A)   a.   Companies which are part of NSE – Nifty 50

b. Companies which are part of BSE – Sensex 30

c. Companies whose shares or other securities are listed on stock exchanges outside India

d. Companies, whether listed or not, which have a net worth in excess of Rs. 1,000 crores.

(B)  Companies, whether listed or not, having a net worth exceeding Rs. 500 crores but not exceeding Rs. 1,000 crores

(C)  Listed companies which have a net worth of Rs. 500 crores or less.

(II)  Insurance companies, Banking companies and Non-Banking Finance companies

(A)  Insurance companies

(B)   (a) All Scheduled commercial banks and those urban co-operative banks (UCBs) which have a net worth in excess of Rs. 300 crores

(b)  Urban co-operative banks which have a net worth in excess of Rs. 200 crores but not exceeding Rs. 300 crores

(C)  a. Non-Banking Finance Companies which are part of NSE – Nifty 50

b.  Non-Banking Finance Companies which are part of BSE – Sensex 30

c. Non-Banking Finance Companies, whether listed or not, which have a net worth in excess of Rs.1,000 crores.

(D)  All listed Non-Banking Finance companies and those unlisted Non- Banking Finance companies which do not fall in the above categories and which have a net worth in excess of Rs. 500 crores

(2) A company which follows accounting standards specified in Annexure “A” shall follow such standards only and not the standards specified in Annexure “B”. A company which follows accounting standards specified in Annexure “B” shall follow such standards only and not the standards specified in Annexure “A”.

(iv)  after sub-rule (4), following shall be inserted:-

“Provided that IFRIC-4 and IFRIC-12, wherever referred to in any of the Indian Accounting Standards (INDAS), shall be applied from a date to be notified.”

(4) In the Principal rules, the existing Annexure shall be named as Annexure “B” and before the Annexure ‘B’ so renamed the following shall be inserted, namely,—

Download Full Notification from the Link Given Below:-

NOTIFICATION NO. G.S.R. 179(E), DATED 3-3-2011

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