Companies (Amendment) Bill to harmonise accounting standards
Published: Dec 27, 2017
By TIOLCORPLAWS News Service
NEW DELHI, DEC 27, 2017: THE Companies (Amendment) Bill, 2017 shall come into force on getting the Presidential assent. The Bill has already been passed by Rajya Sabha on December 19, 2017 and by Lok Sabha on July 27, 2017. The amendments have been proposed and are made to achieve the following objectives:
1. rectifying omissions and inconsistencies in the Act;
2. facilitating ease of doing business in order to promote growth with employment;
3. addressing difficulties in implementation owing to stringent compliance requirements;
4. harmonisation with accounting standards, the Securities and Exchange Board of India Act, 1992, Reserve Bank of India Act, 1934 and the regulations made thereunder.