In its unrelenting endeavour to kill the gaps between the IND ASs and the International Standards, the Ministry of Corporate Affairs (MCA) issued the Companies (Indian Accounting Standards) Amendment Rules, 2024 on August 12, 2024. Let’s peep into the key amendments:
Ind AS 101: Guidelines for first-time adoption of Ind AS have been updated entailing simplification and clarification in the reporting requirements for companies transitioning to these standards.
Ind AS 103: Business combination principles of accounting in respect of acquisitions and mergers have been modified to ensure more accurate financial reporting.
Ind AS 105: Ind AS 105 ‘Non-current Assets Held for Sale & Discontinued Operations’ has been revised to include groups of contracts within the scope of Ind AS 117 on ‘Insurance Contracts’.
Ind AS 107: Ind AS 107 ‘Financial Instruments : Disclosures’ has been updated, particularly in relation to insurance contracts.
Removal of Ind AS 104: Ind AS 104 ‘Insurance Contracts’, has been done away with on 12.08.2024 reflecting its incorporation into other standards especially Ind AS 117 ‘Insurance Contracts’ which came into effect from 01 April 2024.
to download the MCA Notification GSR 492 (E) dated 12 August 2024
