MCA UPDATE
Clarification with regard to Companies (Accounting Standards) Amendment Rules 2016
Stakeholders have sought clarifications with regard to the accountlng period of which the accounts would need to be prepared using the Accounting Standards, as amended through the Companies (Accounting Standards) Amendment Rules, 2016.
The matter has been examined in the Ministry and it is hereby clarifled that the amended Accounting Standards should be used for preparation of accounts for accounting periods commencing on or after the date of notification.
