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February 2012

Amendments to the Companies Accounting Standards Rules 2006.

By Sejal Vasa, Company Secretary
Reading Time 1 mins
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The Ministry of Corporate Affairs has made amendments to the Companies Accounting Standards Rules, 2006, called the Companies (Accounting Standards) (Second Amendment) Rules, 2011 vide a Notification F.NO. 17/133/2008-CLV, dated 29-12-2011. Accounting Standard (AS) 11 has been amended by insertion of Clause 46A pertaining to the effects of Changes in Foreign Exchange Rates. The same can be accessed on http://www.mca.gov.in/Ministry/notification/pdf/ Para_46A_Rules_GSR_914E_2011.pdf

Vide another Notification dated the same day, the Ministry has clarified that the same would be applicable for accounting periods commencing on or after 7th December 2006 and ending on or before 31st March 2020.

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