https://www.taxtmi.com/notifications?id=135907 The amendment rules revise numerous Ind ASs to align references with the ICAI Conceptual Framework, substitute terminology (eg "costs of disposal"), and implement practical expedients and transitional provisions for Interest Rate Benchmark Reform-Phase 2 and select COVID-19 rent-concession clarifications. Key operative measures include practical expedients for changes in contractual cash-flow bases and lease modifications required by benchmark reform (subject to economic equivalence), hedge-accounting amendments (amendment of designations, treatment of hedge reserves, subgrouping and a 24 month deemed-identifiability rule), disclosure requirements on reform exposure and transition progress, and retrospective application guidance with relief where retrospective application is impracticable or unduly costly. en-us Fri, 18 Jun 2021 00:00:00 +0530 Sat, 19 Jun 2021 10:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=135907 The amendment rules revise numerous Ind ASs to align references with the ICAI Conceptual Framework, substitute terminology (eg "costs of disposal"), and implement practical expedients and transitional provisions for Interest Rate Benchmark Reform-Phase 2 and select COVID-19 rent-concession clarifications. Key operative measures include practical expedients for changes in contractual cash-flow bases and lease modifications required by benchmark reform (subject to economic equivalence), hedge-accounting amendments (amendment of designations, treatment of hedge reserves, subgrouping and a 24 month deemed-identifiability rule), disclosure requirements on reform exposure and transition progress, and retrospective application guidance with relief where retrospective application is impracticable or unduly costly. Notifications Companies Law Fri, 18 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/notifications?id=135907