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TMI BlogCompanies (Indian Accounting Standards) Rules, 2015X X X X Extracts X X X X X X X X Extracts X X X X ..... hall come into force on the 1st day of April, 2015 2. Definitions.- (1) In these rules, unless the context otherwise requires,- (a) "Accounting Standards" means the standards of accounting, or any addendum thereto for companies or class of companies as specified in rule 3; (b) "Act" means the Companies Act, 2013 (18 of 2013); (c) "Annexure" in relation to these rules means the Annexure containing the Indian Accounting Standards (Ind AS) appended to these rules; (d) "entity" means a company as defined in clause (20) of section 2 of the Act; (e) "financial statements" means financial statements as defined in clause (40) of section 2 of the Act; (f) "net worth" shall have the meaning assigned to it in clause (57) of section 2 of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ginning on or after 1st April, 2015, with the comparatives for the periods ending on 31st March, 2015, or thereafter; (ii) the following companies shall comply with the Indian Accounting Standards (Ind AS) for the accounting periods beginning on or after 1st April, 2016, with the comparatives for the periods ending on 31st March, 2016, or thereafter, namely:- (a) companies whose equity or debt securities are listed or are in the process of being listed on any stock exchange in India or outside India and having net worth of rupees five hundred crore or more; (b) companies other than those covered by sub-clause (a) of clause (ii) of sub rule (1) and having net worth of rupees five hundred crore or more; (c) holding, subsidiary, joint v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ents) Regulations, 2009. Explanation 1. - SME Exchange shall have the same meaning as assigned to it in Chapter XB of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009. Explanation 2. - "Comparatives" shall mean comparative figures for the preceding accounting period. (2) For the purposes of calculation of net worth of companies under sub-rule (1), the following principles shall apply, namely:- (a) the net worth shall be calculated in accordance with the stand-alone financial statements of the company as on 31st March, 2014 or the first audited financial statements for accounting period which ends after that date; (b) for companies which are not in existence on 31st March, 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nies preparing financial statements applying the Indian Accounting Standards (Ind AS) for the accounting period beginning on 1stApril, 2016 shall apply the Indian Accounting Standards (Ind AS) effective for the financial year ending on 31st March, 2017. (5) Overseas subsidiary, associate, joint venture and other similar entities of an Indian company may prepare its standalone financial statements in accordance with the requirements of the specific jurisdiction: Provided that such Indian company shall prepare its consolidated financial statements in accordance with the Indian Accounting Standards (Ind AS) either voluntarily or mandatorily if it meets the criteria as specified in sub-rule (1). (6) Indian company which is a subsidiary, asso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rotra] Joint Secretary to Government of India Annexure [See rule 3] A. General Instruction. - (1) Indian Accounting Standards, which are specified, are intended to be in conformity with the provisions of applicable laws. However, if due to subsequent amendments in the law, a particular Indian Accounting Standard is found to be not in conformity with such law, the provisions of the said law shall prevail and the financial statements shall be prepared in conformity with such law. (2) Indian Accounting Standards are intended to apply only to items which are material. (3) The Indian Accounting Standards include paragraphs set in bold italic type and plain type, which have equal authority. Paragraphs in bold italic type indicate the main p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ind AS - 038 : Intangible Assets Ind AS - 040 : Investment Property Ind AS - 041 : Agriculture Ind AS - 101 : First-time Adoption of Indian Accounting Standards Ind AS - 102 : Share-based Payment Ind AS - 103 : Business Combinations Ind AS - 104 : Insurance Contracts Ind AS - 105 : Non-current Assets Held for Sale and Discontinued Operations Ind AS - 106 : Exploration for and Evaluation of Mineral Resources Ind AS - 107 : Financial Instruments: Disclosures Ind AS - 108 : Operating Segments Ind AS - 109 : Financial Instruments Ind AS - 110 : Consolidated Financial Statements Ind AS - 111 : Joint Arrangements Ind AS - 112 : Disclosure of Interests in O ..... X X X X Extracts X X X X X X X X Extracts X X X X
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