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We update our website with latest content related to IND AS and IFRS. You can also know whether IND AS is applicable to your group entities and get the basic guidance in this matter through our website:
Phase wise adoption
MCA has notified a phase-wise convergence to IND AS from current accounting standards. IND AS shall be adopted by specific classes of companies based on their Net worth and listing status. Each of the phases in detail below:
Mandatory applicability of IND AS to all companies from 1 April 2016, provided:
- It is a listed or unlisted company
- Its Net worth is greater than or equal to Rs. 500 crore*
*Net worth shall be checked for the previous three Financial Years (2013-14, 2014-15, and 2015-16).
Mandatory applicability of IND AS to all companies from 1 April 2017, provided:
- It is a listed company or is in the process of being listed (as on 31 March 2016)
- Net worth is greater than or equal to Rs. 250 crore but less than Rs. 500 crore (for any of the below mentioned periods).
- Net worth shall be checked for the previous four Financial Years (2014-14, 2014-15, 2015-16, and 2016-17)
Mandatory applicability of IND AS to all Banks, NBFCs, and Insurance companies from 1 April 2018 Provided:
- Net worth is more than or equal to INR 500 crore with effect from 1 April 2018.
- IRDA (Insurance Regulatory and Development Authority) of India shall notify the separate set of IND AS for Banks & Insurance Companies with effect from 1 April 2018.
- NBFCs include core investment companies, stock brokers, venture capitalists, etc.
- Net Worth shall be checked for the past 3 financial years (2015-16, 2016-17, and 2017-18)
- All NBFCs whose Net worth is more than or equal to INR 250 crore but less than INR 500 crore shall have IND AS mandatorily applicable to them with effect from 1 April 2019.
- If IND AS becomes applicable to any company, then IND AS shall automatically be applicable to all the subsidiaries, holding companies, associated companies, and joint ventures of that company, irrespective of individual qualification of such companies.
- In case of foreign operations of an Indian Company, the preparation of stand-alone financial statements may continue with its jurisdictional requirements and need not be prepared as per the IND AS.
- However, these entities will still have to report their IND AS adjusted numbers for their Indian parent company to prepare consolidated IND AS accounts.
- Such GAAP differences and conversions are required to be carried out by the Management, to bring those financial statements in conformity with Ind AS.
Any other entity, can voluntarily adopt Ind AS as its reporting framework irrespective of above criteria.
The major standards are listed here below:
Ind AS 101 First-time adoption of Ind AS
Ind AS 102 Share Based payments
Ind AS 103 Business Combination
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 Other Entities
Ind AS 113 Fair Value Measurement
Ind AS 114 Regulatory Deferral Accounts
Ind AS 115 Revenue from Contracts with Customers
Ind AS 116 Lease (applicable from 1 April 2019)
Ind AS 1 Presentation of Financial Statements
Ind AS 2 Inventories Accounting
Ind AS 7 Statement of Cash Flows
Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors
Ind AS 10 Events after Reporting Period
Ind AS 11 Construction Contracts
Ind AS 12 Income Taxes
Ind AS 16 Property, Plant and Equipment
Ind AS 17 Leases (applicable till 31 March 2019)
Ind AS 18 Revenue
Ind AS 19 Employee Benefits
Ind AS 20 Accounting for Government Grants and Disclosure of Government Assistance
Ind AS 21 The Effects of Changes in Foreign Exchange Rates
Ind AS 23 Borrowing Costs
Ind AS 24 Related Party Disclosures
Ind AS 27 Separate Financial Statements
Ind AS 28 Investments in Associates and Joint Ventures
Ind AS 29 Financial Reporting in Hyperinflationary Economies
Ind AS 32 Financial Instruments: Presentation
Ind AS 33 Earnings per Share
Ind AS 34 Interim Financial Reporting
Ind AS 36 Impairment of Assets
Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets
Ind AS 38 Intangible Assets
Ind AS 40 Investment Property
Ind AS 41 Agriculture