Monday, May 16, 2016

Companies (Accounting Standards) Amendment extended by 1 year

Stakeholders have sought clarifications with regard to the accounting period for which the accounts would need to be prepared using the Accounting Standards, as amended through the Companies (Accounting Standards) Amendment Rules, 2016. The Ministry has clarified that the amended AS should be used for preparation of accounts for accounting periods commencing on or after the date of notification i.e. financial year commencing 1st April 2016.

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