Roadmap 1 for Indian Accounting Standards Implementation (Ind AS): A Snapshot
Indian Accounting Standards Implementation (For Companies other than banks, NBFCs, and Insurance Companies)
!!To download this click the pdf circle button in the beginning!!
Phase I: 1st April 2015 or thereafter (with Comparatives): Voluntary Basis for any company and its holding, subsidiary, JV or associate company
1st April 2016: Mandatory Basis
- Companies listed/in process of listing on Stock Exchanges in India or Outside India having net worth > INR 500 crore
- Unlisted Companies having net worth > INR 500 crore
- Parent, Subsidiary, Associate and J. V of Above
1st April 2017: Mandatory Basis
- All companies which are listed/or in process of listing inside or outside India on Stock Exchanges not covered in Phase I (other than companies listed on SME Exchanges)
- Unlisted companies having net worth INR 500 crore > INR 250 crore
- Parent, Subsidiary, Associate and J. V of Above Companies listed on SME exchange not required to apply Ind AS
♦ Once Ind AS are applicable, an entity shall be required to follow Ind AS for all the subsequent financial statements.
♦ Companies not covered by the above roadmap shall continue to apply existing Accounting Standards notified in Companies (Accounting Standards) Rules, 2006.
Read More Related ICAI –> Chartered Accountant
Roadmap 2 for Indian Accounting Standards Implementation (Ind AS): A Snapshot
Indian Accounting Standards Implementation (For Scheduled Commercial Banks (Excluding RRBs), Insurers/Insurance Companies and Non-Banking Financial
Phase I: From 1st April 2018 (with comparatives)
- NBFCs (whether listed or unlisted) having net worth 500 crores or more
- Holding, Subsidiary, JV and Associate companies of above NBFC other than those already covered under corporate roadmap shall also apply from said date.
Phase II: From 1st April 2019 (with comparatives)
NBFCs whose equity and/or debt securities are listed or are in the process of listing on any stock exchange in India or outside India and having a net worth less than 500 crore
- NBFCs that are unlisted having net worth 250 crores or more but less 500 crore
- Holding, Subsidiary, JV and Associate companies of above other than those already covered under corporate roadmap shall also apply from said the date
♦ Applicable to both Consolidated and individual Financial Statements
♦ NBFC having a net worth below 250 crores shall not apply Ind AS.
♦ Adoption of Ind AS is allowed only when required as per the roadmap. Voluntary adoption of Ind AS is not allowed.
<>Related: CA Naina Lal Kidwai | Biography | Story
Subscribe To Our Newsletter For Further Updates On Related Topics
Let’s Be Friends