This notification, G.S.R. 1075(E), issued by the Ministry of Corporate Affairs on November 17, 2016, introduces amendments to Schedule II of the Companies Act, 2013. Specifically, it modifies paragraph 3, subparagraph (ii) under Part A of Schedule II, concerning the accounting treatment of intangible assets. The amendment stipulates that for intangible assets, companies compliant with Indian Accounting Standards (Ind AS) shall apply those standards. Companies not required to comply with Ind AS must adhere to relevant Accounting Standards under the Companies (Accounting Standards) Rules, 2006. This notification is applicable to accounting periods commencing on or after April 1, 2016. The notification was issued under the authority of subsection 1 of section 467 of the Companies Act, 2013 (18 of 2013). The issuing officer is Amardeep Singh Bhatia, Joint Secretary.
Key Entities Referenced
Government of India Press, Ring Road, Mayapuri, New Delhi: Government of India Press address where the notification was uploaded.
Ministry of Corporate Affairs: The ministry responsible for the notification.
Companies Act, 2013: The primary legislation being amended by the notification.
New Delhi: The location where the notification was issued, New Delhi, Delhi.
Indian Accounting Standards Ind AS: Accounting standards to be followed by companies.
Companies Accounting Standards Rules, 2006: Alternative accounting standards applicable to certain companies.
Schedule II: The specific part of the Companies Act, 2013 being amended.
Amardeep Singh Bhatia: The Joint Secretary who signed the notification.
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EXTRAORDINARY
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PART II—Section 3—Sub-section (i)
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PUBLISHED BY AUTHORITY
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No. 798] NEW DELHI, THURSDAY, NOVEMBER 17, 2016/KARTIKA 26, 1938
कारपोरेट काय (cid:6981)म(cid:7074)ं ालय
अिधसचू ना
नई (cid:7408)द(cid:7016)ली, 17 नव(cid:7013)ब र, 2016
सा.का.िन. 1075(अ).—के(cid:7008)(cid:7076)ीय सरकार, कंपनी अिधिनयम, 2013 (2013 का 18) क(cid:7409) धारा 467 क(cid:7409) उपधारा (1)
(cid:7367)ारा (cid:7079)द(cid:7275) शि(cid:7334)य(cid:7298) का (cid:7079)योग करते (cid:7263)ए, उ(cid:7334) अिधिनयम क(cid:7409) अनसु ूची-2 का संशोधन करन ेके िलए िन(cid:7388)िलिखत और सशं ोधन
करती ह,ै अथात(cid:6981) ्–
1. कंपनी अिधिनयम, 2013 म(cid:7286) अनुसूची-2 म(cid:7286), भाग ‘क’ के अधीन परै ा 3 के उप पैरा (ii) म(cid:7286) “(ii) अमूत(cid:6981) के िलए” स े
आरंभ और “लाग ूह(cid:7298)ग”े पर समा(cid:7385) होन ेवाल ेको(cid:7399)क(cid:7298), अ(cid:6979)र(cid:7298) और श(cid:7011)द(cid:7298) के (cid:7021)थान पर िन(cid:7388)िलिखत को(cid:7399)क, अ(cid:6979)र और श(cid:7011)द रखे
जाएंगे, अथा(cid:6981)त;्-
“(ii) अमतू (cid:6981) आि(cid:7021)तय(cid:7298) के िलए सुसंगत भारतीय लेखा मानक (इंडएएस) लागू ह(cid:7298)गे। जहां (cid:7408)कसी कंपनी के िलए
भारतीय लेखा मानक (इंडएएस) का अनुपालन करना अपिे (cid:6979)त नह(cid:7277) ह ै वहां वह कंपनी (लेखा मानक) िनयम,
2006 के अधीन ससु ंगत लेखा मानक(cid:7298) का अनुपालन करेगी।”
2. यह अिधसूचना 1 अ(cid:7079)ैल, 2016 को या उसके प(cid:7391)ात् (cid:7079)ारंभ होने वाली लेखा अविध के िलए लागू होगी।
[फा. सं. 17/60/2012-सीएल-V]
अमरदीप (cid:7410)सह भा(cid:7407)टया, संयु(cid:7334) सिचव
(cid:7407)ट(cid:7009)पण : कंपनी अिधिनयम, 2013 क(cid:7409) अनसु ूची-2 तारीख 01 अ(cid:7079)ैल, 2014 से (cid:7079)व(cid:7275)ृ क(cid:7409) गई और उसका तारीख 31 माच(cid:6981),
2014 क(cid:7409) अिधसूचना सं(cid:6990)याकं सा.का.िन. सं(cid:6990)या 237(अ) और तारीख 29 अग(cid:7021)त, 2014 क(cid:7409) सा.का.िन. 627(अ)
(cid:7367)ारा (1 अ(cid:7079)लै , 2014 स)े संशोधन (cid:7408)कया गया था।
5323 GI/2016 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 17th November, 2016
G.S.R. 1075(E).—In exercise of the powers conferred by sub-section (1) of section 467 of the
Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following further amendments
to amend Schedule II to the said Act, namely:-
1.(cid:32) In the Companies Act, 2013, in Schedule II, under Part ‘A’, in para 3, in sub-paragraph (ii), for
the brackets, letters and words starting with “(ii) For intangible“ and ending with the words “force shall
apply”, the following brackets, letters and words shall be substituted, namely:-
“(ii) 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.”
2.(cid:32) This notification shall be applicable for accounting period commencing on or after 01st April,
2016.
[F. No. 17/60/2012-CL-V]
AMARDEEP SINGH BHATIA, Jt Secy.
Note : Schedule II of the Companies Act, 2013 came into force with effect from 1st April, 2014 and was
amended (with effect from 1st April, 2014) vide notification number G.S.R. 237(E), dated the 31st
March, 2014 and G.S.R. 627(E), dated the 29th August, 2014.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.