<red> June 24th, 2022 <red>
The Indian School Certificate (ISC) board released a notification on June 21st regarding some changes in the Accounts syllabus for Class 12. On March 24th, 2021, a notice was published by “The Ministry of Corporate Affairs” that says that under Section III sub-section (i) the heading “II Assets”, under sub-heading “Non-current assets”, after the words “Property, Plant and Equipment”, the words “and Intangible assets” shall be inserted and for the words “Tangible Assets”, the words “Property, Plant and Equipment” shall be substituted. To read that notification click here.
According to Schedule III of the Companies Act 2013:
The presentation of the term as a sub-head under “Fixed Assets” and again under the sub-head “Non-Current Assets” in the following topics has also been modified:
The presentation of the sub-head “Fixed Assets” under the head “Non-Current Assets” shall be in this form:
Property plant and equipment
i) Property Plant and Equipment
ii) Intangible Assets
iii) Capital Word in Progress
iv) Intangible Assets under Development
NOTE: These changes will be implemented from the examination year 2023. Students can download the notification from the below-given download button.