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First Notes - 13 May 2016

First Notes - 13 May 2016

MCA approves changes to the existing Accounting Standards

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Background

On 16 February 2016, the Ministry of Corporate Affairs (MCA) issued the draft Companies (Accounting Standards) Amendment Rules, 2016 to upgrade Accounting Standards (ASs), as notified under Companies (Accounting Standards) Rules, 2006, in order to align them with Ind AS. 

New development

On 30 March 2016, MCA issued the Companies (Accounting Standards) Amendment Rules, 2016 to amend existing accounting standards applicable for companies covered in phase II of Ind AS road map.

This issue of First Notes aims to provide an overview of these amendments.

To access the full text of the MCA notification, please click here.

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