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ICAI »
 President's Message - May 2017
 Commencement of the Next Batch of the Certificate Course on Wealth Management and Financial Planning to be commenced on 3rd June, 2017 at Chennai : An initiative of CCBMP, ICAI
 Commencement of the Next Batch of the Certificate Course on Wealth Management and Financial Planning to be commenced on 8th July, 2017 at Kolkata : An initiative of CCBMP, ICAI
 Group to look into the intricacies involvced in areas pertaining to the Disciplinary Mechanism
 Exposure Draft of Amendments to Ind AS 101, First-time Adoption of Indian Accounting Standards
  Requirements for passing Information Systems Audit (Assessment Test)
  Exposure Draft of Clarifications to Ind AS 115, Revenue from Contracts with Customers
 Exposure Draft of Clarifications to Ind AS 115, Revenue from Contracts with Customers
 Exposure Draft of Clarifications to Ind AS 115, Revenue from Contracts with Customers
 Reconstitution of Group to study the existing norms for the appointments/re-appointments of statutory / internal auditors
 Reconstitution of Group to study and suggest changes in the Guidelines relating to Networking of CA Firms

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)
September, 29th 2016

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

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:

  • 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: http://resource.cdn.icai.org/43440asb33184a.pdf

4.     These amendments will come into effect in respect of accounting periods commencing on or after April 1, 2017.
 
 
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