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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Indian Accounting Standards compliance timelines for companies and NBFCs: phased adoption, consolidation rules, and irrevocable voluntary adoption.</h1> Companies and their auditors must apply Indian Accounting Standards (Ind AS) in preparation and audit of financial statements according to phased thresholds and dates tied to net worth and listing status. Entities meeting specified net worth or listing criteria must adopt Ind AS from the prescribed accounting year; NBFCs follow separate phased dates and consolidation rules. Net worth is measured from specified historical audited statements for threshold determinations. Overseas and foreign-parent group entities must align consolidated financial statements with Ind AS where applicable. Voluntary adoption is permitted but irrevocable, and once Ind AS is mandated for an entity it must be retained for subsequent financial statements.
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