ICAI Amends AS 2, AS 4, AS 10, AS 13, AS 14, AS 21, AS 29 and withdraws AS 6

The Ministry of Corporate Affairs (MCA) has notified Companies (Accounting Standards) Amendment Rules, 2016 (G.S.R. 364(E) dated 30.03.2016) and amended the following Accounting Standards and omitted AS 6, Depreciation Accounting, issued under Companies (Accounting Standards) Rules, 2006:

1. AS 2, Valuation of Inventories

2. AS 4, Contingencies and Events Occurring After the Balance Sheet Date

3. AS 10, Property, Plant and Equipment

4. AS 13, Accounting for Investments

5. AS 14, Accounting for Amalgamations

6. AS 21, Consolidated Financial Statements

7. AS 29, Provisions, Contingent Liabilities and Contingent Assets

With a view to harmonise Accounting Standards issued by the ICAI for non-corporate entities and the amendments to the Accounting Standards notified by the MCA/ Central Government, the ICAI has decided that the amendments notified by the MCA/ Central Government after appropriate changes shall also be incorporated in the Accounting Standards issued by the ICAI.

Accordingly, the ICAI has carried out changes in the following Accounting Standards:

1. AS 6, Depreciation Accounting stands withdrawn. 

2. The following Accounting Standards are amended:

a) AS 2, Valuation of Inventories 

b) AS 4, Contingencies and Events Occurring After the Balance Sheet Date 

c) AS 10, Property, Plant and Equipment 

d) AS 13, Accounting for Investments 

e) AS 14, Accounting for Amalgamations 

f) AS 21, Consolidated Financial Statements 

g) AS 29, Provisions, Contingent Liabilities and Contingent Assets

ICAI has specified that these amendments will come into effect in respect of accounting periods commencing on or after April 1, 2017.

ICAI’s Revised/ Amended AS 2, AS 4, AS 10, AS 13, AS 14, AS 21 & AS 29:

ICAI Announcement dt. 28/09/2016

Amended/ Revised AS 2, AS 4, AS 10, AS 13, AS 14, AS 21 & AS 29