Corporate Updates – 19-08-2014


MCA has amended the Companies (Meetings of Board and its Powers) Rules, 2014, which may be called the Companies (Meetings of Board and its Powers) Second Amendment Rules, 2014 and shall come into force on the date of their publication in the official Gazette. Apart from some removing some technical irregularities in Rule 3 & 4, the rules were amended to substitute the “consideration of financial statement including consolidated financial statement, if any, to be approved by the Board under sub-section (1) of section 134 of the Act” in place of “consideration of accounts”. Further in Rule 15, for Sub-Rule (3), read with first proviso to sub-section (1) of Section 188, new conditions & criteria(s) have been substituted for obtaining prior approval of the company by a special resolution for related party transactions.

International Accounting Standards Board (IASB):

The International Accounting Standards Board (IASB) has published ‘Equity Method in Separate Financial Statements by making Amendments to International Accounting Standards (IAS) – 27. The amendments reinstate the equity method as an accounting option for investments in subsidiaries, joint ventures and associates in an entity’s separate financial statements. The amendments are effective for annual periods beginning on or after 1 January 2016, with earlier application being permitted.

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