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Recent changes in Ind AS

Central government in consultation with NFRA, has made some amendments in C

ompanies ( Indian Accounting Standard) Rules, 2015 the summary of which is as under :



*Ind AS 103*: Have defined “business” in more detail and an optional test to identify concentration of fair value.

*Ind AS 107* Disclosures for uncertainty arising from interest rate benchmark reform.


*Ind AS 109* Temporary exceptions from applying specific hedge accounting requirements.


*Ind AS 116* clarification on Rent concesssions as lease modifications or not


*Ind AS 1* and *Ind AS 8* change in the definition of “Material” and this would be for Annual period beginning on or after April 1, 2020.


*Ind AS 10* extra disclosure for Non adjusting events.


*Ind AS 34* Consequential amendments


*Ind AS 37* Accounting of restructuring plans


Ind AS notification 240720.pdf
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