As per extant provisions IndAs are applicable on ' Listed Companies / Other Companies (with Net Worth ₹ 500 Crore or more) wef 01-04-2016. In second phase i.e. from 01-04-2017 'Listed Companies (those remaining from Phase I) & other companies (with net worth of ₹ 250 Crore or more but upto ₹ 500 Crore) shall be covered. For phase I net worth will be taken taken as on 31-03-2015.
Question 1 :- Is above understanding fully correct?
Question 2 :- What will be date of Net Worth for Phase II?
Question 3 :- A Listed Company ( with net worth March 15 & March 16) being between ₹ 250 Crores & 500 Crores will be covered in Phase II?
Ind AS applicability phased thresholds: listed and other companies face staged compliance based on net worth and listing status. Ind AS applicability follows a phased regime based on listing status and net worth thresholds, with the initial phase applying to listed companies and other companies above a specified net worth measured as of the financial year end preceding that phase, and a second phase extending coverage to remaining listed companies and companies within a lower net worth band; practitioner queries seek confirmation of the framework, the net worth determination date for the second phase, and the treatment of listed companies within the intermediate band. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
