Accounting Standards Board
The Institute of Chartered Accountants of India
25th August, 2020
ANNOUNCEMENT
Release of New Compendium of Indian Accounting Standards (Ind AS) as on April 01, 2020.
The Ministry of Corporate Affairs (MCA), notified Ind AS in year 2015 applicable to large entities as specified in its Roadmap for implementation of Ind AS. To remain converged with globally accepted IFRS Standards, the ICAI regularly monitors the developments globally and plays a critical role in formulating new Ind ASs or makes amendments to existing Ind ASs. Recently, on July 24, 2020, MCA notified Companies (Indian Accounting Standards) Amendment Rules, 2020, on recommendations of the ICAI, comprising critical amendments to Ind AS. These amendments are applicable for the accounting year beginning on or after April 01, 2020. The amendments are primarily intended to provide additional clarification to stakeholders in following critical areas:
- definition of terms “Material” and “Business” under Ind AS to provide better clarity and guidance;
- accounting relief (simplification) in Ind AS 116 for lessees consequent to the Covid19 pandemic;
- exception in context of specific hedge accounting requirements under Ind AS due to the uncertainty arising during the period interest rate benchmarks are undergoing reforms.
In view of this dynamic nature of Ind AS, ICAI issues every year, a compilation of the version of Ind AS that are applicable as on date. This Compendium of Ind AS is an endeavour of ICAI to facilitate ease of reference and ready source of comprehensive literature for all those entities that are preparing financial statements under Ind AS, either mandatorily or voluntarily. This Compendium contains updated Ind ASs applicable for accounting period beginning 1st April 2020.
Relevant link to access the Compendium of Indian Accounting Standards:
https://www.icai.org/post/compendium-of-indian-accounting-standards
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