The Ministry of Corporate Affairs in consultation with the National Financial Reporting Authority vide notification dated 23rd March, 2022 has issued the Companies (Indian Accounting Standards) Amendment Rules, 2022 to provide clarifications regarding Annual Improvements to Ind AS (2021).
An entity shall apply Annual Improvements to Ind AS (2021) to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment. An entity shall apply that amendment for annual reporting periods beginning on or after 1st April, 2022.
They shall come into force with effect from 1st day of April, 2022.
