Roadmap 1 for Indian Accounting Standards Implementation (Ind AS): A Snapshot

Indian Accounting Standards Implementation (For Companies other than banks, NBFCs, and Insurance Companies)

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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




Phase II:

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
Companies (NBFC’s)





NBFCs

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

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