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TMI BlogCompanies (Indian Accounting Standards) Second Amendment Rules, 2018X X X X Extracts X X X X X X X X Extracts X X X X ..... These rules may be called the Companies (Indian Accounting Standards) Second Amendment Rules, 2018. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Companies (Indian Accounting Standards) Rules, 2015 (hereinafter referred to as the principal rules), in the "Annexure", under the heading "B. Indian Accounting Standards (Ind AS)",- (a) in "Indian Accounting Standard (Ind AS) 20", - (i) for paragraphs 23-28, the following paragraphs shall be substituted, namely:- "23 A Government grant may take the form of a transfer of a non-monetary asset, such as land or other resources, for the use of the entity. In these circumstances, it is usual to assess the fair valu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hall be accounted for as a change in accounting estimate (see Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors). Repayment of a grant related to income shall be applied first against any unamortised deferred credit recognised in respect of the grant. To the extent that the repayment exceeds any such deferred credit, or when no deferred credit exists, the repayment shall be recognised immediately in profit or loss. Repayment of a grant related to an asset shall be recognised by increasing the carrying amount of the asset or reducing the deferred income balance by the amount repayable. The cumulative additional depreciation that would have been recognised in profit or loss to date in the absence of the grant shall be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rises on initial recognition of an asset is when a non-taxable Government grant related to an asset is deducted in arriving at the carrying amount of the asset but, for tax purposes, is not deducted from the asset's depreciable amount (in other words its tax base); the carrying amount of the asset is less than its tax base and this gives rise to a deductible temporary difference. Government grants may also be set up as deferred income in which case the difference between the deferred income and its tax base of nil is a deductible temporary difference. Whichever method of presentation an entity adopts, the entity does not recognise the resulting deferred tax asset, for the reason given in paragraph 22."; (ii) in Appendix l, paragra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... substituted, namely:- "77 The revaluation model is applied after an asset has been initially recognised at cost. However, if only part of the cost of an intangible asset is recognised as an asset because the asset did not meet the criteria for recognition until part of the way through the process (see paragraph 65), the revaluation model may be applied to the whole of that asset. Also, the revaluation model may be applied to an intangible asset that was received by way of a Government grant and recognised at a nominal amount (see paragraph 44)."; (iii) in Appendix I, paragraph 1 shall be omitted. [F. No. 01/01/2009- CL-V (Part VII)] (K.V.R.. MURTY) Jt. Secy. Note : The principal rules were published in the Gazette of Indi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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