Notification dated 18th June 2021 regarding the Companies (Indian Accounting Standards) Amendment Rules, 2021 –Ministry of Corporate Affairs

• 21st, June 2021
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Notification dated 18^th June 2021 regarding the Companies (Indian Accounting Standards) Amendment Rules, 2021 –Ministry of Corporate Affairs

• This has been come into force from 18th June 2021.
• In the Companies (Indian Accounting Standards) Rules, 2015, in the Annexure‖, under the heading “B” Indian Accounting Standards (Ind AS).
• Indian Accounting Standard (Ind AS) 101:‖In Appendix B‖(i) in paragraph B1, for item (d), the following shall be substituted, namely: (d) classification and measurement of financial instruments (paragraphs B8-B8C); (ii) for heading before paragraph B8, the following shall be substituted.
• In Indian Accounting Standard (Ind AS) 102: after paragraph 63D, the following shall be inserted:

“63E Amendments to References to the Conceptual Framework in Ind AS issued in 2021 amended the footnote to the definition of an equity instrument in Appendix A. An entity shall apply that amendment for annual periods beginning on or after 1 April, 2021. An entity shall apply the amendment to Ind AS 102 retrospectively, in accordance with Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors. However, if an entity determines that retrospective application would be impracticable or would involve undue cost or effort, it shall apply the amendment to Ind AS 102 by reference to paragraphs 23–28, 50–53 and 54F of Ind AS 8”.