The Ministry of Corporate Affairs (MCA) notified the Companies (Indian Accounting Standards) Amendment Rules, 2018 (the ‘Rules’) on 28 March 2018. The Rules notify the new revenue standard Ind AS 115, Revenue from Contracts with Customersand also bring in amendments to various other existing Ind AS. The Rules shall be effective from reporting periods beginning on or after 1 April 2018 and cannot be early adopted.
This publication provides an overview of the key requirements of the amendment rules.
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