Intangible asset accounting: Ind AS required; if not applicable, comply with Companies Accounting Standards from April 2016. For intangible assets, the relevant Indian Accounting Standards (Ind AS) shall apply; where a company is not required to comply with Ind AS, it shall comply with the relevant Accounting Standards under the Companies (Accounting Standards) Rules, 2006. This amendment to Schedule II is effected by Central Government notification and is applicable to accounting periods commencing on or after 1 April 2016.
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Provisions expressly mentioned in the judgment/order text.
Intangible asset accounting: Ind AS required; if not applicable, comply with Companies Accounting Standards from April 2016.
For intangible assets, the relevant Indian Accounting Standards (Ind AS) shall apply; where a company is not required to comply with Ind AS, it shall comply with the relevant Accounting Standards under the Companies (Accounting Standards) Rules, 2006. This amendment to Schedule II is effected by Central Government notification and is applicable to accounting periods commencing on or after 1 April 2016.
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