TaxTMI 
TaxTMI 
Net Worth of the Companies – For Application of IndAS
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....re not in existence on 31st March, 2014 or an existing company falling under any of thresholds for the first time after 31st March, 2014, the net worth shall be calculated on the basis of the first audited financial statement ending after that date in respect of which it meets threshold. Case I: Before Phase-I the net worth of company is ₹ 200 cr as on 31st March, 2014 and it crossed ₹....
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....solidated financial statements (CFS). * Companies to which IndAS are applicable as specified in these rules shall prepare their first set of financial statements in accordance with IndAS effective at the end of its first IndAS reporting period. * Overseas subsidiary, associate, Joint venture and other similar entities of an Indian company may prepare its standalone financial statements in acco....
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.... of a Foreign company viz., XYZ Inc., which has net worth of ₹ 500 crore in the financial year 2015-16. Whether Company M Ltd. And N Ltd. Are required to comply with IndAS from the FY 2016-17 on the basis of the net worth of the parent Foreign Company or on the basis of their net worth? Answer - As per the above discussed rules, Company M having net worth of ₹ 600 crores in the year 2....