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Date of Applicability of Notification G.S.R. 364(E) MCA for Companies

19 June 2017

Kindly let me know that when the Notification No. 364(E) will came into force and what will be the impact on Preparation & presentation of Financial Statement For FY 2016-17 for Listed Companies. Kindly Suggest

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Karan Batra (Creator: TheProTalks) (2325 Points)
Replied 23 June 2017

Notification G.S.R. 364(E) MCA is on substitution of various existing AS(also called AS 2006) into new ASs and this notification was published on 30.06.2016. So technically all the financial statements of assesses who are not required to prepare their financial statements in accordance with IND-As for F/Y 2016-17 onwards will be required to follow new ASs. What changes it will bring in Financial statements cannot be summarised as of now.

Further our Institute ICAI has also issued a clarification

"With a view to have consistent approach by companies on the applicability of the Accounting Standards as amended by the Companies (Accounting Standards) Amendment Rules, amended Accounting Standards should be followed for accounting periods commencing on or after the date of publication of the notification in the Official Gazette."

See link at

https://www.icai.org/new_post.H T M L?post_id=12580