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TMI BlogApplicability of Indian Accounting Standard (IND AS)X X X X Extracts X X X X X X X X Extracts X X X X ..... Applicability of Indian Accounting Standard (IND AS) - Commentaries / Editorials Dated:- 10-6-2015 - News - Applicability of Indian Accounting Standard (IND AS) Specific Exempt companies Insurance companies Banking companies NBFCs Even these companies are not allowed to voluntarily adopt IND AS. Covered companies (Summary) S. NO. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Class of companies Particulars Applicable w.e.f. Remark 1 Any company Voluntarily 01/04/2015 Non reversible decision / irrevocable Need to be followed consistently 2 All listed companies or companies i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n process of listing in India or abroad Net worth = 500 crores 01/04/2016 Criteria need to be checked only at first time adoption i.e. in 1 st year only. All other companies i.e. unlisted companies Net worth = 500 crores 01/04/2016 Criteria need to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be checked only at first time adoption i.e. in 1 st year only. Holding company, Subsidiaries , Joint ventures or associate companies of above mentioned companies No such condition 01/04/2016 Not covered overseas subsidiaries, joint ventures, associates or any other similar entities of an Indian compan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y IND As will be applicable on Consolidated financials of such Indian company In case of vice versa case, IND AS will be applicable on Indian subsidiary, joint venture, associate or similar entities of a foreign company 3 All listed companies or companies in process of listing in India or abroad Net worth 500 crores ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 01/04/2017 Criteria need to be checked only at first time adoption i.e. in 1 st year only. All other companies i.e. unlisted companies Net worth = 250 crores 500 crores 01/04/2017 Criteria need to be checked only at first time adoption i.e. in 1 st year only. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Holding company, Subsidiaries , Joint ventures or associate companies of above mentioned companies No such condition 01/04/2017 Not covered overseas subsidiaries, joint ventures, associates or any other similar entities of an Indian company IND As will be applicable on Consolidated financials of such Indian c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompany In case of vice versa case, IND AS will be applicable on Indian subsidiary, joint venture, associate or similar entities of a foreign company - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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