The Ministry of Corporate Affairs (“MCA”) notified Companies (Indian Accounting Standards) Amendment Rules, 2022 (“Rules”) vide Notification dated 23 March 2022. These Rules shall come into effect from 1 April 2022. Companies that prepare their financial statements under Indian Accounting Standards (“Ind AS”) will be required to apply the changes / modifications as prescribed in the Rules from financial year beginning from 1 April 2022. Quarterly financial results for period ending 30 June 2022 and thereafter shall comply with these Rules and amendments.