Govt amends rules pertaining to Indian Accounting Standards
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On Friday, the corporate affairs ministry notified the Companies (Indian Accounting Standards) Rules, 2021. The changes have been made after consultations with the National Financial Reporting Authority (NFRA).
Under the revised rules, entities are required to make additional disclosures related to interest rate benchmark reform. These dislcosures are to enable users of financial statements to understand the effect of interest rate benchmark reform on an entity's financial instruments and risk management strategy.
Entities would have to disclose the nature and extent of risks to which they are exposed arising from financial instruments subject to interest rate benchmark reform, and how the entities the manage these risks.
Among others, there are changes in the basis for determining the contractual cash flows as a result of interest rate benchmark reform.
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