IndAs wef 01-04-2016

[CA AJAY KUMAR AGRAWAL]

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?

AI Summary

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.