Implementation of IND AS


The MCA has notified 39 IND AS as Companies (Indian Accounting Standards) Rules, 2015 with the following road-map of implementation:

Phase I: From April, 2016 - MANDATORY Basis


  • Companies listed/in process of listing on Stock Exchanges in India or Outside India having
    net worth > Rs. 5 Billion
  • Unlisted Companies having net worth > Rs. 5 Billion
  • Parent, Subsidiary, Associate and J.V. of above



Phase II: From April, 2017 - MANDATORY Basis


  • All Companies which are listed/in process of listing inside or Outside India on Stock Exchanges not covered in Phase 1 (other than those listed on SME Exchanges)
  • Unlisted Companies having net worth > Rs. 2.5 Billion
  • Parent, Subsidiary, Associate and J.V. of above


Note: 
  1. Companies listed on SME exchange are not required to to apply for IND AS.
  2. Once IND AS are applicable, companies shall be required to follow the same for all the subsequent financial statements.


Also read: Applicable Standards for May 2016 exams


Comments

  1. Varun BhardwajFebruary 26, 2016 at 9:01 AM

    Thanks for sharing. That was helpful.

    ReplyDelete
    Replies
    1. CA. Urvashi D. Maharshi February 26, 2016 at 9:29 AM

      Thanks Varun for reading this article. Glad you found it useful :) Stay tuned for more!

      Delete
  2. UnknownFebruary 26, 2016 at 9:08 AM

    Hey thanks a lot Urvashi. That's was needed.

    ReplyDelete
    Replies
    1. CA. Urvashi D. Maharshi February 26, 2016 at 9:30 AM

      Hi Nikhil, thanks for reading this article. Glad you found it useful :) Stay tuned for more!

      Delete
  3. UnknownFebruary 26, 2016 at 9:13 AM

    Woww!! Thanks for sharing. That was seriously helpful.

    ReplyDelete
    Replies
    1. CA. Urvashi D. Maharshi February 26, 2016 at 9:30 AM

      Thanks Maria for reading this article. Glad you found it useful :) Stay tuned for more!

      Delete

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