The Ministry of Corporate Affairs has come up with the second amendment in the Companies (Indian Accounting Standards) on 20th September, 2018. Originally the Rules framed was Companies (Indian Accounting Standards ) Rules, 2015. Owing to make the accounting standards more precise, the Ministry of Corporate affairs has come up with the Second amendment in the original Rules so formed.
41, 42,43,44,45,46,47,48 effective date and 48 A Paragraphs 23-24, 26, 28 and 32 are amended and para 25, 27, 33 and 40 -40A have been added to allow the option of recording of Non- monetary Government grants at nominal value and presentation of Govt grants related to assets by deducting the same from the carrying amount of the assets.
Accounting Standard (Ind AS) 12
Para 33 following para shall be substituted
In Appendix 1, Para 7 shall be omitted.
Accounting Standard (Ind AS 16)
For Para 28 the following para shall be substituted-
In Appendix 1, Para 3 Shall be Omitted.
Accounting standard (Ind AS) 38
For Para 44, the following para shall be substituted
For Para 77, the following para shall be substituted.
In Appendix 1, Para 1 shall be omitted.
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