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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