Applicability of Indian Accounting Standards (Ind –AS)

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Voluntary Adoption of Ind AS

Financial Reporting Year 2015-16

Any company may follow IND AS for financial statements on a voluntary basis from 01.04.2015 onwards.

Hence in this phase any company whether listed or unlisted irrespective of its net worth could opt for the Ind – AS.

Mandatory Adoption of Ind AS

Financial Reporting Year 2016-17

Following companies are required to follow Ind – AS on mandatory basis from 01.04.2016

  1. Companies listed on stock exchange in India or a similar exchange outside India with a Net worth of Rs. 500 Crores or more
  2. Companies which are in process of listing in India or outside India with a Net Worth of Rs. 500 Crores or more
  3. All other Companies whose Net worth is Rs. 500 Crores or more
  4. Holding, Subsidiary, Joint Venture or Associate Companies of above

Financial Reporting Year 2017-18

The following Companies mandatorily need to comply with the Ind AS from 01.04.2017

  1. All listed Companies Listed on stock exchange in India or a similar exchange outside India
  2. Companies which are in process of listing in India or outside India with a Net Worth of Rs. 250 Crores or more
  3. All other Companies whose Net worth is Rs. 250 Crores or more
  4. Holding, Subsidiary, Joint Venture or Associate Companies of above.

 

Financial Reporting Year 2018-19

Mandatory applicability of Ind AS to

Banks and

NBFCs irrespective of whether listed or unlisted whose net worth is more than or equal to Rs 500 crore and Holding, Subsidiary, Joint Venture and Associate of such NBFC’s from 1st April 2018,

Financial Reporting Year 2019-20

NBFCs whose net worth is more than or equal to Rs 250 crore and Holding, Subsidiary, Joint Venture and Associate of such NBFC’s.

NBFCs which are listed.

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