With reference to the Companies (Accounting Standards) Amendment Rules, 2016, stakeholders had sought clarifications with regard to the accounting period for which the accounts would need to be prepared using the amended Accounting Standards. In this regard, the Ministry of Corporate Affairs (“MCA”) has issued a General Circular No. 04/2016 dated 27 April 2016.
As per the MCA circular, the matter has been examined in the Ministry and it is clarified that the amended Accounting Standards should be used for preparation of accounts for accounting periods commencing on or after the date of notification.
To read the Circular, please visit the below link:http://www.mca.gov.in/Ministry/pdf/General_Circular_27042016.pdf
Labels: Company Law Updates