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<h1>Ministry of Corporate Affairs Amends Accounting Standards for Uniform Financial Reporting in Companies.</h1> The Companies (Accounting Standards) Amendment Rules, 2016, issued by the Ministry of Corporate Affairs, amends the Companies (Accounting Standards) Rules, 2006. The amendments redefine terms such as 'Accounting Standards,' 'Act,' 'Financial Statements,' and 'Enterprise' in the principal rules. They also modify rules related to the valuation of inventories, contingencies, events occurring after the balance sheet date, property, plant, and equipment, investments, and amalgamations. The amendments introduce changes to the accounting treatment and disclosure requirements for various financial aspects, ensuring uniformity and clarity in financial reporting. These rules come into effect upon publication in the Official Gazette.