Indian companies required to adopt Ind AS based on listing status and net worth thresholds, with distinct NBFC transition rules. Companies and their auditors must adopt Indian Accounting Standards (Ind AS) according to a phased schedule based on listing status and net worth thresholds; voluntary adoption is permitted but irrevocable. Holding, subsidiary, joint venture and associate companies follow parent or threshold-based timing. NBFCs have separate transition rules and net worth reference dates. Comparative figures for the preceding period are required and net worth is calculated from specified audited stand-alone financial statements for threshold determinations.
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Provisions expressly mentioned in the judgment/order text.
Indian companies required to adopt Ind AS based on listing status and net worth thresholds, with distinct NBFC transition rules.
Companies and their auditors must adopt Indian Accounting Standards (Ind AS) according to a phased schedule based on listing status and net worth thresholds; voluntary adoption is permitted but irrevocable. Holding, subsidiary, joint venture and associate companies follow parent or threshold-based timing. NBFCs have separate transition rules and net worth reference dates. Comparative figures for the preceding period are required and net worth is calculated from specified audited stand-alone financial statements for threshold determinations.
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