MCA notifies the Companies (Indian Accounting Standards) Amendment Rules, 2023

The Ministry of Corporate Affairs (MCA) has notified the Companies (Indian Accounting Standards) Amendment Rules, 2023. As per the amended rules, a new para 39AG has been inserted in Ind AS 101, which states that ‘deferred tax related to assets and liabilities arising from a single transaction’ shall apply for annual reporting periods beginning on or after 01.04.23. Further para B14 has also been inserted which provides ‘deferred tax related to leases and decommissioning, restoration and similar liabilities’. Various other amendments have also been notified.

These rules shall be applicable from the financial year beginning on or after 01.04.23