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TMI BlogObligation to comply with Indian Accounting Standards (Ind AS).X X X X Extracts X X X X X X X X Extracts X X X X ..... ch, 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 venture or associate companies of companies covered by sub-clause (a) of clause (ii) of sub- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - (A) NBFCs having net worth of rupees five hundred crore or more; (B) holding, subsidiary, joint venture or associate companies of companies covered under item (A), other than those already covered under clauses (i), (ii) and (iii) of sub-rule (1) of rule 4. (b) The following NBFCs shall comply with the Indian Accounting Standards (Ind AS) for accounting periods beginning on or after the 1st April, 2019, with comparatives for the periods ending on 31stMarch, 2019, or thereafter- (A) NBFCs whose equity or debt securities are listed or in the process of listing on any stock exchange in India or outside India and having net worth less than rupees five hundred crore; (B) NBFCs, that are unlisted companies, having net worth of rupees ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rule (1) and has an NBFC subsidiary, associate or a joint venture, the parent has to prepare Ind AS-compliant consolidated financial statements and the NBFC subsidiary, associate and a joint venture has to provide the relevant financial statement data in accordance with the accounting policies followed by the parent company for consolidation purposes (until the NBFC is covered under clause (iv) of sub-rule (1). (v) Notwithstanding clauses (i) to (iv), the holding, subsidiary, joint venture or associate companies of Scheduled commercial banks (excluding RRBs) would be required to prepare Ind AS based financial statements for accounting periods beginning from 1st April, 2018 onwards, with comparatives for the periods ending 31st March, 2018 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eets the thresholds specified in 3[clause (i), (ii) and (iii) of sub-rule (1)], . Explanation.- For the purposes of sub-clause (b), the companies meeting the specified thresholds given in 3[clause (i), (ii) and (iii) of sub-rule (1)], for the first time at the end of an accounting year shall apply Indian Accounting Standards (Ind AS) from the immediate next accounting year in the manner specified in 3[clause (i), (ii) and (iii) of sub-rule (1)], . Illustration .- (i) The companies meeting threshold for the first time as on 31st March, 2017 shall apply Ind AS for the financial year 2017-18 onwards. (ii) The companies meeting threshold for the first time as on 31st March, 2018 shall apply Ind AS for the financial year 2018-19 onwards and s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ne financial statements and consolidated financial statements. (4) Companies to which Indian Accounting Standards (Ind AS) are applicable as specified in these rules shall prepare their first set of financial statements in accordance with the Indian Accounting Standards (Ind AS) effective at the end of its first Indian Accounting Standards (Ind AS) reporting period. Explanation.- For the removal of doubts, it is hereby clarified that the companies preparing financial statements applying the Indian Accounting Standards (Ind AS) for the accounting period beginning on 1st April, 2016 5[ or 1st April, 2018, as the case may be ] shall apply the Indian Accounting Standards (Ind AS) effective for the financial year ending on 31st March, 2017 6[ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll the subsequent financial statements even if any of the criteria specified in this rule does not subsequently apply to it. ----------------- Notes:- 1. Substituted vide F. No. 01/01/2009-CL-V(Part) - Dated 30-3-2016 before it was read as, "any company" 2. Inserted vide F. No. 01/01/2009-CL-V(Part) - Dated 30-3-2016 3. Substituted vide F. No. 01/01/2009-CL-V(Part) - Dated 30-3-2016 before it was read as, "sub-rule (1)'' 4. Inserted vide F. No. 01/01/2009-CL-V(Part) - Dated 30-3-2016 5. Inserted vide F. No. 01/01/2009-CL-V(Part) - Dated 30-3-2016 6. Inserted vide F. No. 01/01/2009-CL-V(Part) - Dated 30-3-2016 7. Omitted vide F. No. 01/01/2009-CL-V(Part) - Dated 30-3-2016 before it was read as, 'either voluntarily or mandatorily' ..... X X X X Extracts X X X X X X X X Extracts X X X X
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