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.
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.
© 2016 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.