Whether the amendment to sch III of the Companies Act 2013 dated 06.04.2016 is applicable for FY 2015-16?
Whether the amendment to sch III of the Companies Act 2013 dated 06.04.2016 is applicable for FY 2015-16?
1) On 30.3.2016 MCA had issued two notifications:
a) Companies (Accounting Standards) (Amendment) Rules 2016
b) Companies (Indian Accounting Standards) (Amendment) Rules 2016.
2) On 6.4.2016 MCA issued notification amending Sch.III in which separate format for companies covered under Ind AS was inserted.
3) Vide circular No.4 dated 27.4.2016 MCA clarified that Companies (Accounting Standards) (Amendment) Rules 2016 will apply for preparation of accounts for accounting periods commencing on or after the publication of said notification.
4) Considering same logic it seems notification dated 6.4.2016 will apply for accounting periods commencing on or after that date. However, MCA clarification is required on this issue.
In the meantime, Vedanta Ltd has approved Balance Sheet on 28.4.2016 in the old format only:
https://www.vedantalimited.com/media/96456/final_annual_report_2016.pdf
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