The MCA has notified the Companies (Indian Accounting Standards) Amendment Rules, 2018 with effect from 1st April 2018. Companies (Indian Accounting Standards) Amendment Rules, 2018 includes Ind AS 115 Revenue from Contracts with Customers, Appendix D to Ind AS 115 Service Concession Arrangements and Appendix B to Ind AS 21, Foreign Currency Transactions and Advance Consideration (corresponding to IFRIC 22). Ind AS 11 Construction Contracts and Ind AS 18 Revenue will be omitted.
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUBSECTION
MINISTRY OF CORPORATE AFFAIRS
New Delhi, the 28.03. 2018
G.S.R. ….. (E).—In exercise of the powers conferred by section 133 read with section 469 of the Companies Act, 2013 (18 of 2013) and sub-section (1) of section 210A 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 further to amend the Companies (Indian Accounting Standards) Rules, 2015, namely:—
1. Short title and commencement.-
(1) These rules may be called the Companies (Indian Accounting Standards) Amendment Rules, 2018.
(2) These rules shall come into force from the 1st day of April, 2018.
2. In the Companies (Indian Accounting Standards) Rules, 2015 (hereinafter referred to as the principal rules), in the “Annexure”, under the heading “B. Indian Accounting Standards (Ind AS)”,-
I. in “Indian Accounting Standard (Ind AS) 101”, –
(i) after paragraph 33, the following shall be inserted, namely:-
[F.No. 01/01/2009 -CL-V(Part VI)]
NOTE:- Principal rules were published in the gazette of India, Extraordinary, Part 11, Section 3, Sub-section (1) dated the 16th February, 2015 vide G.S.R. 111(E), and were subsequently amended vide notification G.S.R. 365 (E) dated the 30th March, 2016 and vide G.S.R. 258(E) dated the 17th March, 2017.