MCA removes applicability of AS 22 & Indian AS 12 to certain Govt Companies

Vide Notification No. S.O. 529(E), dated 5th February, 2018 it was specified that provisions of Accounting Standard 22 or Indian Accounting Standard 12 relating to deferred tax asset or deferred tax liability shall not apply, for seven years to certain government companies with effect from 1st April, 2017.

vide Notification No. S.O. 1965(E) dated 02.04.2018, in exercise of the powers conferred by sub-section (6) of Section 129 of the Companies Act, 2013 (18 of 2013), the Central Government, has amended the above said notification and omitted the words “seven years” in the opening paragraph, which effectively means that AS 22 or Indian AS 12 will never apply to certain government companies mentioned in Notification No S.O. 529(E), dated  5th February, 2018.

Ministry of Corporate Affairs

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