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?
Clarification sought on IndAS applicability dates and net worth criteria for listed companies in Phase I and II. IndAS became applicable from April 1, 2016, for listed companies and other companies with a net worth of 500 crore or more. From April 1, 2017, the second phase included remaining listed companies and other companies with a net worth between 250 crore and 500 crore. The net worth for Phase I is based on the financials as of March 31, 2015. Questions raised include the correctness of this understanding, the net worth date for Phase II, and whether a listed company with a net worth between 250 crore and 500 crore in March 2015 and March 2016 falls under Phase II. The response requests clarification on these issues. (AI Summary)
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