Clarification regarding applicability of Indian Accounting Standards to disclosures in offer documents under SEBI (ICDR) Regulations, 2009

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....31, 2016 To, All Recognized Stock Exchanges All Registered Merchant Bankers Dear Sir/Madam, Sub: Clarification regarding applicability of Indian Accounting Standards to disclosures in offer documents under SEBI (ICDR) Regulations, 2009 1. SEBI (ICDR) Regulations, 2009 require disclosure of financial information for each of the five financial years immediately preceding the filing....

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....fer document shall be in the following manner: a. For issuer companies to which Ind AS is applicable in Phase 1 of MCA Roadmap (beginning from FY 2016-17): Period of filing of Offer Document Latest financial year Second latest financial year Third financial year Second earliest financial year Earliest financial year Upto March 31, 2017 Indian GAAP Indian GAAP India....

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....es to which Ind AS is applicable in Phase 2 of MCA Roadmap (beginning from FY 2017-18), the above timelines w.r.t. filing of offer documents shall be followed with time lag of one year. c. The issuer company may, at its discretion, choose to present all the five year periods using the Ind AS framework instead of accounting standards otherwise applicable for such period(s). d. The issuer comp....

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....nt accounting policies (Ind AS or applicable accounting standards). f. All other requirements with respect to disclosure of financial information in the offer documents shall remain the same. Further, all the information disclosed in the offer document as per Ind AS shall be audited/reviewed in accordance with requirements of SEBI (ICDR) Regulations, 2009. 4. Applicability: This circular is ....