MCA notified the Companies (Indian Accounting Standards) Amendment Rules, 2023
The Ministry of Corporate Affairs (MCA) recently notified the Companies (Indian Accounting Standards) Amendment Rules, 2023 for amending various Indian Accounting Standards such as Ind AS 101 (First time adoption of Indian Accounting standards), Ind AS 102 (Share-based Payment), Ind AS 103 (Business Combinations), Ind AS 107 (Financial Instruments: Disclosures), Ind AS 109 (Financial Instruments), Ind AS 115 (Revenue from Contracts with Customers), Ind AS 1 (Presentation of Financial Statements), Ind AS 8 (Accounting Policies, Changes in Accounting Estimates and Errors), Ind AS 12 (Income Taxes) and Ind AS 34 (Interim Financial Reporting).
Some of the amendments include replacement of words “significant accounting policies” with “material accounting policy information”, substitution of definition of Accounting estimates as “Accounting estimates are monetary amounts in financial statements that are subject to measurement uncertainty” among other important substitutions/insertions.
