Share with your friends

MCA notified amendments to certain Ind AS

MCA notified amendments to certain Ind AS

On 30 March 2019, MCA has issued certain amendments to Ind AS.


Also on


Ind AS are largely converged with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).

The IASB along with the IFRS Interpretation Committee (IFRIC) issue amendments to IFRS as part of the annual improvement process or as specific amendments. In order to keep Ind AS converged with IFRS, MCA issues similar amendments to Ind AS.

On 30 March 2019, MCA has issued the following amendments to Ind AS:

Standard  Description
Ind AS 19, Employee Benefits The amendment clarifies the accounting for defined benefit plans on plan amendment, curtailment and settlement.
Ind AS 28, Investment in Associates and Joint Ventures The amendment clarifies the accounting for the share of losses of an associate or joint venture after the equity interest has been reduced to nil.
Ind AS 109, Financial Instruments The amendments enable entities to measure certain financial assets with prepayment features that may yield a negative compensation on prepayment.
Ind AS 103, Business Combinations and Ind AS 111, Joint Arrangements Additional guidance was provided on acquisition accounting, where an entity obtained control of a joint operation (Ind AS 103), or where a participant in a joint operation not having joint control, obtained joint control over the same (Ind AS 111).
Ind AS 23, Borrowing Costs The amendment clarifies the borrowing costs to be considered for capitalisation.
Ind AS 12, Income Taxes – Annual improvements The amendment clarifies the accounting for income tax consequences on distribution of profits.
Inserted Appendix C to Ind AS 12, Uncertainty over Income Tax Treatments The appendix provides clarification on the accounting for income taxes, when there is uncertainty over income tax treatments.

This issue of First Notes provides an overview of the amendments notified by MCA that are applicable from 1 April 2019.

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

© 2020 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

Connect with us


Want to do business with KPMG?


loading image Request for proposal