Indian Accounting Standards (Ind AS) are largely converged with the International Financial Reporting Standard (IFRS) issued by the International Accounting Standards Board (IASB). In the recent past, IASB along with the IFRS Interpretations Committee (IFRIC) has issued various amendments to IFRS as part of their annual improvements process or as specific narrow scope amendments.

In view of the recent amendments to IFRS, and in order to keep the Ind AS converged with IFRS, the Ministry of Corporate Affairs (MCA) issued certain amendments to Ind AS vide a notification dated 23 March 2022 (2022 amendments). These amendments have been issued in the following areas:
 

Ind AS Amendment
 Ind AS 16, Property, Plant and Equipment  Accounting for proceeds before intended use
 Ind AS 37, Provisions, Contingent  Liabilities and Contingent Assets  Determining costs to fulfil a contract
 Ind AS 103, Business Combinations  References to the Conceptual Framework for Financial Reporting
 Annual improvements to Ind AS (2021)

 Ind AS 101, First-time adoption of Indian  Accounting Standards
 
 Ind AS 109, Financial Instruments
 
 Ind AS 41, Agriculture

 Subsidiary as a first-time adopter of Ind AS

 Fees in the ’10 per cent’ test for derecognition of financial liabilities

 Taxation in fair value measurements


In this issue of First Notes, we aim to provide an overview of the 2022 amendments.

To access the text of the MCA notification on 2022 amendments, please click here.