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29 areTed, 2014 Hr arar.fet. 627(3) FART (01 Hea, 2014 A) Geir Par sar al[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART
II, SECTION 3, SUB-SECTION (i)]
GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
Notification
New Delhi, 7” November, 2016
G.S.R.(E) ....1n 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. 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. This notification shall be applicable for accounting period commencing on or after
01° April, 2016.
FL No. 17/60/2012-CL-V
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wih
AMARDEEP SINGH BHATIA, Jt Secy.
Note:- Schedule II of the Companies Act, 2013 came into force with effect from 1% April,
2014 and was amended (with effect from 1* April, 2014) vide notification number G.S.R.
237(E), dated the 31% March, 2014 and GSR. 627(E), dated the 29" August, 2014.