Companies (Indian Accounting Standards) Second Amendment Rules, 2018

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....e and commencement.-(1) These rules may be called the Companies (Indian Accounting Standards) Second Amendment Rules, 2018. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Companies (Indian Accounting Standards) Rules, 2015 (hereinafter referred to as the principal rules), in the "Annexure", under the heading "B. Indian Accounting Standards (Ind AS)",- (a)  in "Indian Accounting Standard (Ind AS) 20",  - (i) for paragraphs 23-28, the following paragraphs shall be substituted, namely:- "23 A Government grant may take the form of a transfer of a non-monetary asset, such as land or other resources, for the use of the entity. In these circumstances, it is usual to....

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....phs shall be substituted, namely:- "32 A Government grant that becomes repayable shall be accounted for as a change in accounting estimate (see Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors). Repayment of a grant related to income shall be applied first against any unamortised deferred credit recognised in respect of the grant. To the extent that the repayment exceeds any such deferred credit, or when no deferred credit exists, the repayment shall be recognised immediately in profit or loss. Repayment of a grant related to an asset shall be recognised by increasing the carrying amount of the asset or reducing the deferred income balance by the amount repayable. The cumulative additional depreciation that....

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....; (iv)  In Appendix  l, - (A)  paragraphs 1 and 2 shall be omitted; (B)  after paragraph 5, the following paragraphs shall be inserted, namely:- "6 Paragraph 40 of IAS 20 related to transitional provisions has not been included in Ind AS 20 since transitional provisions considered relevant have been included in Ind AS 101, First Time Adoption of Indian Accounting Standards. 7  Paragraphs 41-48 of Effective date of IAS 20 have not been included in Ind AS 20 since these are not relevant in Indian context.". (b)  in "Indian Accounting Standard (Ind AS) 12", - (i)  for paragraph 33, the following paragraph shall be substituted, namely:- "33 One case when a deferred tax....

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....ant. This may happen when a Government transfers or allocates to an entity intangible assets such as airport landing rights, licences to operate radio or television stations, import licences or quotas or rights to access other restricted resources. In accordance with Ind AS 20, Accounting for Government Grants and Disclosure of Government Assistance, an entity may choose to recognise both the intangible asset and the grant initially at fair value. If an entity chooses not to recognise the asset initially at fair value, the entity recognises the asset initially at a nominal amount (the other treatment permitted by Ind AS 20) plus any expenditure that is directly attributable to preparing the asset for its intended use."; (ii)  for pa....