MCA Amended Schedule II of the Companies Act, 2013

MCA has made further amendments to Schedule II to the Comapnies Act, 2013 to clarify that relevant Ind AS shall apply for computation of amortization amount over the useful life of intangible assets. However, where a company is not required to comply with the Ind AS, it shall comply with relevant Accounting Standards under Companies (Accounting Standards) Rules, 2006. Further, this notification shall be applicable for accounting period commencing on or after 1 April, 2016.

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