Central Government defines “Indian Accounting Standards” and issues new format for Form CRA-1 and Form CRA-3
The Ministry of Corporate Affairs (“MCA”) vide a notification dated 7th December, 2017, has informed issuance of Companies (Cost Records and Audit) Amendment Rules, 2017 (“Amendment Rules”) by the Central Government to amend the Companies (Cost Records and Audit) Rules, 2014 (“Principal Rules”).
The amendments brought forward by the Amendment Rules are as following:
- Insertion of new definition of the term, “Indian Accounting Standards”.
The Amendment Rules has inserted Clause (fa) after clause (f) of Rule 2 of the Principal Rules providing definition of the term “Indian Accounting Standards.” The definition provided by the new insertion states – “Indian Accounting Standards” means Indian Accounting Standards as referred to in Companies (Indian Accounting Standards) Rules, 2015
2. Form CRA-1 and Form CRA-3 replaced
Form CRA- 1 and Form CRA-3 in the Annexure to the Principle Rules have been substituted by the Amendment Rules.
The above amendments shall be deemed to have come into effect from 1st April, 2016.
Please refer to the hyperlinked source below for the new formats of Form CRA 1 and Form CRA-3.
Source: Ministry of Corporate Affairs