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Applicability of Indian Accounting Standard (IND AS) - Companies (Indian Accounting Standards) Rules, 2015
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....pplicability of Indian Accounting Standard (IND AS) - Companies (Indian Accounting Standards) Rules, 2015<br>By: - Deepak Aggarwal<br>Corporate Laws / IBC / SEBI<br>Dated:- 11-6-2015<br><br>Applicability of Indian Accounting Standard (IND AS) Companies (Indian Accounting Standards) Rules, 2015​ Key Points * As per Rule 3 of Companies (Indian Accounting Standards) Rules, 2015, these stand....
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....ards are applicable only on classes of companies specified in Rule 4. (Refer summary below) * On rest classes of companies old Companies (Accounting Standards) Rules, 2006 will be applicable and consequently old AS will be applied. * All companies are allowed to follow only one set of accounting standards, combination of both are strictly not allowed. * Comparatives figures of preceding acco....
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....unting year as per IND AS are also required to be given while presenting financial statements. * Special provisions / exemption have been introduced for those companies who are listed or in process of being listed on Small & Medium Enterprise (SME) exchange. Here SME exchange means a trading platform of a recognized stock exchange or a dedicated exchange permitted by SEBI to list the securities....
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.... issued in accordance with Chapter XA of SEBI (ICDR) Regulations and this excludes the Main Board (which is in turn is defined as a recognized stock exchange having nationwide trading terminals, other than SME exchange). * These standards will be applicable on both i.e. standalone as well as consolidated financial statements. Classes of companies specified in Rule 4 (Summary) 1) Specific Exem....
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....pt companies * Insurance companies * Banking companies * NBFCs Even these companies are not allowed to voluntarily adopt IND AS. 2) Covered companies 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 ....
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....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 mention....
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....ed 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 liste....
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....d 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....
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.... 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 si....
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....milar entities of a foreign company<br> Scholarly articles for knowledge sharing by authors, experts, professionals ....