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TMI BlogCompanies (Accounting Standards) Amendment Rules, 2008 - Amendments in AnnexureX X X X Extracts X X X X X X X X Extracts X X X X ..... ation with the National Advisory Committee on Accounting Standards, hereby makes the following rules to amend the Companies (Accounting Standards) Rules, 2006, namely : 1. (1) These rules may be called the Companies (Accounting Standards) Amendment Rules, 2008. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Companies (Accounting Standards) Rules, 2006, in the Annexure, in Part B, in Accounting Standard - 15 (Employee Benefits) ( i ) after paragraph 92, the following shall be inserted, namely : 92A. Paragraph 145( b )( iii ) explains the need to consider any unrecognised part of the transitional liability in accounting for subsequent actuarial gains. ( ii ) for p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt (Rs. 10/Rs. 1,000) relates to the part of the obligation that was eliminated through the curtailment. Therefore, the effect of the curtailment is as follows : (Amount in Rs.) Before Curtailment After curtailment gain curtailment Net present value of obligation 1,000 (100) 900 Fair value of plan assets (820) - (820) 180 (100) 80 Unrecognised past service cost (50) 5 (45) Unrecognised transi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... et recognised in the balance sheet; ( ii ) disclose at each balance sheet date (1) the amount of the increase that remains unrecognised; and (2) the amount recognised in the current period; ( iii ) limit the recognition of subsequent actuarial gains (but not negative past service cost) only to the extent that the net cumulative unrecognised actuarial gains (before recognition of that actuarial gain) exceed the unrecognised part of the transitional liability; and ( iv ) include the related part of the unrecognised transitional liability in determining any subsequent gain or loss on settlement or curtailment. If the transitional liability is less than the liability that would have been recognized at the same date as per the pre-r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the Standard is Rs. 1,400 and the fair value of plan assets is Rs. 1,050. Net cumulative unrecognized actuarial gains since the date of adopting the Standard are Rs. 120. The enterprise is required, as per paragraph 92, to recognise all actuarial gains and losses immediately. The effect of the limit in paragraph 145( b )( iii ) is as follows : (Amount in Rs.) Net unrecognised actuarial gains 120 Unrecognised part of the transitional liability (136 x 4/5) 109 (If the enterprise adopts the policy of recognising it over 5 years) Maximum gain to be recognised 11" [F No 1/2/2008/CL.V] (Jitesh Khosla) Joint Secretary Note . - The principal notification ..... X X X X Extracts X X X X X X X X Extracts X X X X
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