The Amendments shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April 2016. The “Indian Accounting Standards” shall have the means Indian Accounting Standards as referred to in Companies (Indian Accounting Standards) Rules, 2015.
Further, in the principal rules, for Form CRA-1 and Form CRA-3, shall respectively be substituted and shall be deemed to have been substituted with effect from the 1st day of April 2016.
It has further clarified and certified by the MCA that no person is being adversely affected by giving retrospective effect to this notification. The proposed amendments have been made on account of amendments made in the Companies (Indian Accounting Standards) Rules, 2015.
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