Western India Regional Council of
The Institute of Chartered Accountants Of India

Law Update Details

 
May 2017 CA. Rahul Joglekar
 
MCA (www.mca.gov.in)

MCA Notification GSR 258 (E) dated 17th March, 2017 – Companies (Indian Accounting Standards) (Amendment) Rules, 2017


MCA has notified the aforesaid rules w.e.f the annual period commencing on or after 1st April, 2017. Ind AS 102 – Share Based Payments has been amended to include provisions for cash-settled share-based payment transactions and its treatment and disclosure in the financial statements. Guidelines for treatment of vesting and non-vesting conditions have also been incorporated therein. Ind AS 7 – Statement of Cash Flows has also been amended to include disclosure of changes in liabilities arising from financing activities. For complete text of the notification, please refer the link:

http://www.mca.gov.in/Ministry/pdf/CompaniesIndianAccountingStandards_21032017.pdf

MCA Notification GSR 308 (E) dated 30th March 2017 – Amendment to Schedule III of the Companies Act 2013

MCA has issued the said notification to amend Schedule III of the Companies Act which prescribes the requirements for preparation of financial statements of a company. It states that every company shall disclose the details of Specified Bank Notes (SBN) held and transacted during the period from 8th November, 2016 to 30th December, 2016. Specific format of disclosure has also been prescribed therein. For complete text of the notification, please refer the link: http://www.mca.gov.in/Ministry/pdf/AmendmentinScheduleIII_Notification31032017.pdf.

MCA Notification GSR 307 (E) dated 30th March, 2017 – Companies (Audit and Auditors) Amendment Rules, 2017

MCA has notified the aforesaid rules to include reporting requirements for the auditors as to whether the company had provided requisite disclosures in its financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8th November, 2016 to 30th December, 2016 and if so, whether these are in accordance with the books of accounts maintained by the company. For complete text of the notification, please refer the link : http://www.mca.gov.in/Ministry/pdf/ScannedCompaniesAuditandAuditorsRules_31032017.pdf
 

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