Indian Accounting Standards adoption: phased application to specified classes of companies under amended accounting rules. The amendment prescribes Indian Accounting Standards (Ind AS) in a new Annexure A, requires specified classes of companies (including large listed, cross listed and high net worth entities, and specified banking, insurance and NBFC categories) to adopt Ind AS on a phased basis, and separates application regimes for Annexure A and Annexure B standards. Annexure A reproduces substantive Ind AS provisions such as inventory measurement at the lower of cost and net realisable value, cash flow statement classification and methods, rules on accounting policy changes, events after the reporting period, government grants, and foreign exchange translation, with corresponding disclosure obligations.
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.
Indian Accounting Standards adoption: phased application to specified classes of companies under amended accounting rules.
The amendment prescribes Indian Accounting Standards (Ind AS) in a new Annexure A, requires specified classes of companies (including large listed, cross listed and high net worth entities, and specified banking, insurance and NBFC categories) to adopt Ind AS on a phased basis, and separates application regimes for Annexure A and Annexure B standards. Annexure A reproduces substantive Ind AS provisions such as inventory measurement at the lower of cost and net realisable value, cash flow statement classification and methods, rules on accounting policy changes, events after the reporting period, government grants, and foreign exchange translation, with corresponding disclosure obligations.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
