Central Government notifies amendment in Schedule II of Companies Act, 2013

Central Government has amended the Schedule II in the companies Act, 2013, under Part ‘A’, in para 3, to substitute sub paragraph (iii), which deals with provisions of the Accounting Standards applicable to the Intangible assets with- “(iii) For intangible assets, the relevant Indian Accounting Standards (Ind AS) shall apply. Where a company is not required to comply with the Indian Accounting Standards (Ind AS), it shall comply with relevant Accounting Standards under Companies (Accounting Standards) Rules, 2006.” This notification shall be applicable for accounting period commencing on or after 01st April, 2016.