These set of accounting and reporting standards is required to be applied
by prescribed class f companies effective April 1, 2016, with a mandatory
comparative period for the year ended March 31, 2016. So, essentially
covered companies will be required to transition to Ind AS as on April 1,
2015 itself.
Ind AS Roadmap
Phase
|
Types of Companies
|
Networth
|
Applicable to Financial Year
beginning on or after
|
Comparative for the period ending
on or after
|
I
|
All Companies (whether listed or not)
|
Rs. 500 crore or more
|
1st April 2016
|
31st March , 2016
|
II
|
Other companies listed or in the process of
listing on stock exchange in India or outside India
|
-
|
1st April 2017
|
31st March , 2017
|
II
|
Unlisted company
|
Rs. 250 crore or more
|
1st April 2017
|
31st March , 2017
|
Notes:
1.
H/S/A/J are also covered:
Also applicable to Holding, Subsidiary, Joint venture or
Associate companies of companies covered above.
Overseas subsidiary, associate, joint venture and other
similar entities of Indian company may prepare its standalone financial
statements in accordance with the requirement of specific jurisdiction.
2.
Net Worth :
Section
2 (57) of Companies Act 2013 defines Net Worth as ‘the aggregate value of
the paid-up share capital and all reserves created out of the profits and
securities premium account, after deducting the aggregate value of the
accumulated losses, deferred expenditure and miscellaneous expenditure not
written off, as per the audited balance sheet, but does not include reserves
created out of revaluation of assets, write-back of depreciation and
amalgamation’.
To be calculated in accordance with the Stand-alone
financial statements of the company as on 31st March,
2014 or the first audited financial statements for accounting
period which ends after that date;
3. Apply to Consolidated FS also
Note: Above Content is Contributed by CA. Chintan Patel
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