9911796707
TMI BlogCompanies (Indian Accounting Standards) Amendment Rules, 2022X X X X Extracts X X X X X X X X Extracts X X X X ..... rom 1st day of April, 2022. 2. In the Companies (Indian Accounting Standards) Rules, 2015, in the "Annexure", under the heading "B. Indian Accounting Standards (Ind AS)",- (A) in "Indian Accounting Standard (Ind AS) 101", - (i) after paragraph 39AF, the following shall be inserted, namely:- "39AG Annual Improvements to Ind AS (2021), amended paragraph D1(f) and added paragraph D13A. An entity shall apply that amendment for annual reporting periods beginning on or after 1st April, 2022."; (ii) in Appendix D, in paragraph D1, for sub-item (f), the following shall be substituted, namely:- "(f) cumulative translation differences (paragraphs D12-D13A); "; (iii) in Appendix D, after paragraph D13, the following shall be inserted, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Instead, the acquirer recognises those costs in its postcombination financial statements in accordance with other Ind AS."; (ii) for paragraph 14, the following shall be substituted, namely:- "14 Paragraphs B31-B40 provide guidance on recognising intangible assets. Paragraphs 21A-28B specify the types of identifiable assets and liabilities that include items for which this Ind AS provides limited exceptions to the recognition principle and conditions."; (iii) for paragraph 21, the following shall be substituted, namely:- "21 This Ind AS provides limited exceptions to its recognition and measurement principles. Paragraphs 21A-31A specify both the particular items for which exceptions are provided and the nature of those exceptions. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the acquisition date. 21C A present obligation identified in accordance with paragraph 21B might meet the definition of a contingent liability set out in paragraph 22(b). If so, paragraph 23 applies to that contingent liability."; (iv) for the heading relating to paragraph 22, the following shall be substituted, namely:- "Contingent liabilities and contingent assets"; (v) in paragraph 22, for the opening paragraph starting with Ind AS 37 and ending with liability as:, the following shall be substituted, namely:- "22 Ind AS 37 defines a contingent liability as:"; (vi) for paragraph 23, the following shall be substituted, namely:- "23 The acquirer shall recognise as of the acquisition date a contingent liability assumed in a bu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ind AS (2021), added paragraphs 7.2.35 and B3.3.6A and amended paragraph B3.3.6. An entity shall apply that amendment for annual reporting periods beginning on or after 1st April, 2022."; (ii) for the figures, brackets and words, "7.2.35-7.2.42 [Refer Appendix 1]", the following shall be substituted, namely:- "Transition for Annual Improvements to Ind AS (2021) 7.2.35 An entity shall apply Annual Improvements to Ind AS (2021) to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment. 7.2.36-7.2.42 [Refer Appendix 1]"; (iii) in Appendix B, (a) for paragraph B3.3.6, the following shall be substituted, namely:- "B3.3.6 For the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ds of items produced over the cost of testing, if any, shall not be re-cognised in the profit or loss but deducted from the directly attributable costs considered as part of cost of an item of property, plant, and equipment; and"; (ii) in Appendix 1, after paragraph 7, the following shall be inserted, namely:- "8. In May, 2020, IASB had issued amendments in IAS 16 on proceeds before intended use to prohibit an entity from deducting from the cost of an item of property, plant and equipment the proceeds from selling items produced while bringing an item of property, plant and equipment to the location and condition necessary for it to be capable of operating in the manner intended by management. These amendments added paragraphs 20A, 74A, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndments to contracts for which it has not yet fulfilled all its obligations at the beginning of the annual reporting period in which it first applies the amendments (the date of initial application). The entity shall not restate comparative information. Instead, the entity shall recognise the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings or other component of equity, as appropriate, at the date of initial application."; (iv) after paragraph 104, the following shall be inserted, namely:- "105 Onerous Contracts-Cost of Fulfilling a Contract, added paragraphs 68A and 94A and amended paragraph 69. An entity shall apply those amendments for annual reporting periods beginni ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
