Companies (Indian Accounting Standards) Rules, 2015 - F.NO. 01/01/2009/CL-V(Part) - Companies Law

Indian Accounting Standards adoption: phased mandatory and irrevocable application for companies meeting listing or net worth thresholds.

Prescribes Ind AS as the accounting framework for specified classes of companies with phased mandatory and voluntary adoption options: voluntary adoption from accounting periods beginning on or after 1 April 2015; phased mandatory adoption thereafter for cohorts determined by listing status and net worth, with comparatives for the preceding period. Net worth is calculated from stand-alone audited financials as of the baseline period; Ind AS apply to both stand-alone and consolidated statements. Voluntary adoption is irrevocable and continued application is required once Ind AS are adopted. Insurance, banking and NBFCs are exempted.