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MCA removes applicability of AS22 and IND AS 12 for government companies

Government has vide notification dated 02.04.2018 removed the word seven years which effectively means  that AS 22 or Ind AS 12 will never apply to certain government companies mentioned in Notification number S.O. 529(E), dated 05.02.2018.

Certain government companies are as follows:-

(a) is a public financial institution under sub-clause (iv) of clause (72) of section 2 of the Companies Act, 2013;

(b) is a Non-Banking Financial Company registered with the Reserve Bank of India under section 45-IA of the Reserve bank of India Act, 1934; and

(c) is engaged in the business of infrastructure finance leasing with not less than seventy five per cent. of its total revenue being generated from such business with Government companies or other entities owned or controlled by Government .