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        Case ID :
        FEMA & RBI

        Applicability of Indian Accounting Standard (IND AS)

        June 10, 2015

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        Applicability of Indian Accounting Standard (IND AS)

        Specific Exempt companies

        • Insurance  companies
        • Banking companies
        • NBFCs

        Even these companies are not allowed to voluntarily adopt IND AS.

        Covered companies (Summary)

        S. NO.

        Class of companies

        Particulars

        Applicable w.e.f.

        Remark

        1

        Any company

        Voluntarily

        01/04/2015

        • Non reversible decision / irrevocable
        • Need to be followed consistently

        2

        All listed companies or companies in process of listing in India or abroad

        Net worth > = 500 crores

        01/04/2016

        • Criteria need to be checked only at first time adoption i.e. in 1st year only.

         

        All other companies i.e. unlisted companies

        Net worth >= 500 crores

        01/04/2016

        • Criteria need to be checked only at first time adoption i.e. in 1st year only.

         

        Holding company, Subsidiaries , Joint ventures or associate companies  of above mentioned companies

        No such condition

        01/04/2016

        • Not covered overseas subsidiaries, joint ventures, associates or any other similar entities of an Indian company
        • IND As will be applicable on Consolidated financials of such Indian company
        • In case of vice versa case, IND AS will be applicable on Indian subsidiary, joint venture, associate or similar entities of a foreign company

        3

        All listed companies or companies in process of listing in India or abroad

        Net worth < 500 crores

        01/04/2017

        • Criteria need to be checked only at first time adoption i.e. in 1st year only.

         

        All other companies i.e. unlisted companies

        Net worth >=  250 crores <500 crores

        01/04/2017

        • Criteria need to be checked only at first time adoption i.e. in 1st year only.

         

        Holding company, Subsidiaries , Joint ventures or associate companies  of above mentioned companies

        No such condition

        01/04/2017

        • Not covered overseas subsidiaries, joint ventures, associates or any other similar entities of an Indian company
        • IND As will be applicable on Consolidated financials of such Indian company
        • In case of vice versa case, IND AS will be applicable on Indian subsidiary, joint venture, associate or similar entities of a foreign company
        IND AS applicability: phased mandatory adoption by companies based on net worth and listing status, with limited sectoral exemptions. IND AS adoption is a phased mandatory regime based on listing status and net worth, with insurance companies, banking companies and NBFCs excluded from voluntary adoption. Voluntary adoption is irrevocable and must be applied consistently. Net worth thresholds determine effective dates and are checked only at first-time adoption. Holding companies, subsidiaries, joint ventures and associates of covered entities are subject to IND AS for consolidated financials without separate net worth conditions; Indian affiliates of foreign parents adopt IND AS when triggered by the foreign parent.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                IND AS applicability: phased mandatory adoption by companies based on net worth and listing status, with limited sectoral exemptions.

                                IND AS adoption is a phased mandatory regime based on listing status and net worth, with insurance companies, banking companies and NBFCs excluded from voluntary adoption. Voluntary adoption is irrevocable and must be applied consistently. Net worth thresholds determine effective dates and are checked only at first-time adoption. Holding companies, subsidiaries, joint ventures and associates of covered entities are subject to IND AS for consolidated financials without separate net worth conditions; Indian affiliates of foreign parents adopt IND AS when triggered by the foreign parent.


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