Ministry of corporate affairs (MCA)

In the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015, in rule 3, for the proviso, the following proviso shall be substituted, namely:-

“Provided that the Companies in banking, insurance, power sector, non-banking financial companies and housing finance companies need not file financial statements under this rule.”

1. In the Companies (Accounting Standards) Rules, 2006 (hereinafter referred to as the principal rules), in rule 2,-(i) for clauses (a) and (b), the following clauses shall be substituted, namely:-

   ‘(a) “Accounting Standards” means the standards of accounting or any addendum thereto as specified in rule 3 of these rules;

   (b) “Act” means the Companies Act, 1956 (1 of 1956) or the Companies Act, 2013 (18 of 2013), as the case may be;’;

   (ii) for clauses (d) and (e), the following clauses shall be substituted, namely:-

   ‘(d) “Financial Statements” means financial statements as defined in sub-section (40) of section 2 of the Companies Act, 2013;

   (e) “Enterprise” means a ‘company’ as defined in sub-section (20) of section 2 of the Companies Act, 2013 or as defined in section 3 of the Companies Act, 196, as the case may be;’.

2. In the principal rules, in rule 4, in sub-rule (2), the words “General Purpose” shall be omitted.
3. In the principal rules, in the ANNEXURE, under the heading “ACCOUNTING STANDARDS”, under the subheading“A. General Instructions”, after paragraph 4, the following paragraph shall be inserted namely:-
4. The reference to ‘Schedule VI’ or ‘Companies Act, 1956’ shall mutatis mutandis mean ‘Schedule III’ and ‘Companies Act, 2013’, respectively.
5. In the principal rules, in the “ANNEXURE”, under the heading “ACCOUNTING STANDARDS” “Accounting Standard (AS) 2” shall be substituted with new “Accounting Standard (AS) 2 – Valuation of Inventories”
6. In the principal rules, in the “ANNEXURE”, under the heading “ACCOUNTING STANDARDS” for “Accounting Standard (AS) 4” shall be substituted with new “Accounting Standard (AS) 4 – Contingencies and Events Occurring After the Balance Sheet Date”
7. In the principal rules, in the “ANNEXURE”, under the heading “ACCOUNTING STANDARDS”, Accounting Standard (AS) 6 shall be omitted
8. In the principal rules, in the “ANNEXURE”, under the heading “ACCOUNTING STANDARDS”, for Accounting Standard (AS) 10, shall be substituted with new “Accounting Standard (AS) 10 – Property, Plant and Equipment”
9. In the principal rules, in the “ANNEXURE”, under the heading “ACCOUNTING STANDARDS”, for Accounting Standard (AS) 13, shall be substituted with new “Accounting Standard (AS) 13 – Accounting for Investments”
10. In the principal rules, in the “ANNEXURE”, under the heading “ACCOUNTING STANDARDS”, for Accounting Standard (AS) 14, shall be substituted with new “Accounting Standard (AS) 14 – Accounting for Amalgamations”
11. In the principal rules, in the “ANNEXURE”, under the heading “ACCOUNTING STANDARDS”, for Accounting Standard (AS) 21, shall be substituted with new “Accounting Standard (AS) 21 – Consolidated Financial Statements”
12. In the principal rules, in the “ANNEXURE”, under the heading “ACCOUNTING STANDARDS”, for Accounting Standard (AS) 29, shall be substituted with new “Accounting Standard (AS) 29 – Provisions, Contingent Liabilities and Contingent Assets”

The Companies (Indian Accounting Standards) Rules, 2015 rules have been amended by making changes in the rules related to Banking, Insurance and NBFC companies