11 February 2017
The existing Accounting Standards which were notified under the Companies Act 1956 / the Companies (Accounting Standards Rules) 2006 have to be notified afresh under Section 133 of the Companies Act, 2013.
Certain existing Accounting Standards which were notified in 2006 contain ‘Transitional Provisions’. The objective of these ‘Transitional Provisions’ is to prescribe the accounting treatment when an Accounting Standard becomes applicable for the first time. Accordingly, in 2006, there was some justification to include these ‘transitional provisions’. As of now these Accounting Standards are being notified afresh, so from the perspective of their re-notification, ‘Transitional Provisions’ are being re-examined by the ICAI.
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