FAQs on Amendments in Ind AS 1
- Blog|News|Account & Audit|
- < 1 minute
- By Taxmann
- |
- Last Updated on 30 March, 2024
Latest from Taxmann
The Ministry of Corporate Affairs (MCA) has issued Notification No. G.S.R. 242(E) dated 31.03.2023 (hereinafter referred to as “the Notification”). The Notification has amended the Companies (Indian Accounting Standards) Rules, 2015. The notification states that the amendment shall be effective from 01.04.2023. The amendments brought more clarity to the disclosure of the accounting policy information and resolved the long dispute of what is meant by the significant accounting policy. In the story, we have covered some of the frequently asked questions on the amendments introduced under Ind AS 1, Presentation of Financial Statements such as:
1. What is the new definition of the term “Accounting Policies” for the purposes of Ind AS 1 inserted by the Notification in Ind AS 1?
2. What is the rationale for the amendment by the Notification inserting the new definition of “accounting policies” in Ind AS 1 by referring to the existing definition of the term in Ind AS 8?
3. Why the word “significant” has been replaced by the word “material” in Para 117 of Ind AS 1?
4. Will “Material Accounting Policy Information” form part of the complete set of financial statements as per Ind AS 1?
Click Here To Read The Full Story
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
