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Amendment to AS 2, 4, 6, 10, 13, 14, 21 and 29 issued by the Institute of Chartered Accountants of India, pursuant to issuance of amendments to Accounting Standards by the MCA (September 2016) - (28-09-2016)

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Amendment to AS 2, 4, 6, 10, 13, 14, 21 and 29 issued by the Institute of Chartered Accountants of India applicable to Non-corporate entities, pursuant to issuance of amendments to Accounting Standards by the MCA

1.     The Council of the Institute of Chartered Accountants of India (ICAI) at its 359th meeting held on August 16-17, 2016 noted that the Ministry of Corporate Affairs (MCA) has notified Companies (Accounting Standards) Amendment Rules, 2016 (G.S.R. 364(E) dated 30.03.2016) and amended the following Accounting Standards and omitted AS 6, Depreciation Accounting, issued under Companies (Accounting Standards) Rules, 2006:

  • AS 2, Valuation of Inventories
  • AS 4, Contingencies and Events Occurring After the Balance Sheet Date
  • AS 10, Property, Plant and Equipment
  • AS 13, Accounting for Investments
  • AS 14, Accounting for Amalgamations
  • AS 21, Consolidated Financial Statements
  • AS 29, Provisions, Contingent Liabilities and Contingent Assets

2.     With the view to harmonise Accounting Standards issued by the ICAI for non-corporate entities and the amendments to the Accounting Standards notified by the Central Government, the Council decided that the amendments notified by the Central Government after appropriate changes shall also be incorporated in the Accounting Standards issued by the ICAI.

3.     In view of the above, following changes are made in Accounting Standards issued by the ICAI for non-corporate entities:

  • AS 6, Depreciation Accounting stands withdrawn.
  • The following Accounting Standards are amended:
    • AS 2, Valuation of Inventories
    • AS 4, Contingencies and Events Occurring After the Balance Sheet Date
    • AS 10, Property, Plant and Equipment
    • AS 13, Accounting for Investments
    • AS 14, Accounting for Amalgamations
    • AS 21, Consolidated Financial Statements
    • AS 29, Provisions, Contingent Liabilities and Contingent Assets
The amendment can be accessed at below link: https://resource.cdn.icai.org/43440asb33184a.pdf

4.     Amendments as stated in point (3) above will come into effect prospectively in respect of accounting periods commencing on or after April 1, 2017. However, early application of the aforementioned amendments is permitted.

Last updated on 19th October, 2016
     
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