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TMI BlogApplicability of Indian Accounting Standard (IND AS) - Companies (Indian Accounting Standards) Rules, 2015X X X X Extracts X X X X X X X X Extracts X X X X ..... Applicability of Indian Accounting Standard (IND AS) - Companies (Indian Accounting Standards) Rules, 2015 - By: - Deepak Aggarwal - Corporate Laws / IBC / SEBI - Dated:- 11-6-2015 - - Applicability of Indian Accounting Standard (IND AS) Companies (Indian Accounting Standards) Rules, 2015 Key Points As per Rule 3 of Companies (Indian Accounting Standard ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s) Rules, 2015 , these standards are applicable only on classes of companies specified in Rule 4 . (Refer summary below) On rest classes of companies old Companies (Accounting Standards) Rules, 2006 will be applicable and consequently old AS will be applied. All companies are allowed to follow only one set of accounting standards, combination of both are strictly not allowed. Comparati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ves figures of preceding accounting year as per IND AS are also required to be given while presenting financial statements. Special provisions / exemption have been introduced for those companies who are listed or in process of being listed on Small Medium Enterprise (SME) exchange. Here SME exchange means a trading platform of a recognized stock exchange or a dedicated exchange permitted by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... SEBI to list the securities issued in accordance with Chapter XA of SEBI (ICDR) Regulations and this excludes the Main Board (which is in turn is defined as a recognized stock exchange having nationwide trading terminals, other than SME exchange). These standards will be applicable on both i.e. standalone as well as consolidated financial statements. Classes of companies specifi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in Rule 4 (Summary) 1) Specific Exempt companies Insurance companies Banking companies NBFCs Even these companies are not allowed to voluntarily adopt IND AS. 2) Covered companies S. NO. Class of companies Particulars Applicable w.e.f. Remark ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 Any company Voluntarily 01/04/2015 Non reversible decision / irrevocable Need to be followed consistently 2 All listed companies or companies in process of listing in India or abroad Net worth = 500 crores 01/04/2016 Crite ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ria 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 be checked only at first time adoption i.e. in 1 st year only. Holding company, Subsid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iaries , 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 company IND As will be applicable on Consolidated financials of such Indian company In case of vice versa case, IND AS will be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 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 ..... 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. Holding company, Subsidiaries , Joint ventures or associate companies of above mentioned companies ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 company In case of vice versa case, IND AS will be applicable on Indian subsidiary, joint venture, associate or similar entitie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of a foreign company - - Scholarly articles for knowledge sharing authors experts professionals 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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