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- Applicability to insurance, banking and non-banking financial companies
- Auxiliary • All listed companies (except companies listed on SME exchanges) and companies having a net worth of 250 crore INR or more will be required to adopt Ind AS. • Companies which are not covered in the above roadmap shall continue applying the existing Accounting Standards. • The requirement to present comparatives implies that companies impacted by phase one will require an Ind -AS compliant opening balance sheet as of 1 April 201
- Foreign operations The overseas subsidiary, associate or joint venture of an Indian company is not mandated to prepare its stand-alone financial statements as per the Ind AS. Though, they may continue with its jurisdictional requirements. Nevertheless, the foreign entities would still have to provide their accounts as per Ind AS for their Indian parent company to prepare consolidated Ind AS accounts.
- Mandatory Adoption of Ind-AS Ind-AS becomes mandatory to the following set of companies in two trenches. 1st April 2016 1st April 2017 Listed/ to be listed companies – Indian/ foreign exchange – Net Worth 500 crs or more; Listed/ to be listed companies – Indian/ foreign exchange – Net Worth 500 crs or less Unlisted Cos – ? Net Worth 500 crs or more & Unlisted Cos – ? 250 crs > Net Worth < 500 crs &
- Net worth In the notification it is being clarified that net worth should be calculated as on 31st March’14 based on the standalone accounts of the company or the first audited period ending after that date.Net worth has been defined under the Companies Act, 2013 under section 2(57), the same would be applicable for calculation of net worth as per Ind AS. “The aggregate value of the paid-up share capital and all reserves created out of the prof
- Standalone and consolidated financial statements Ind AS is applicable both to the consolidated as well as the stand-alone financial statements of a company covered under the roadmap. The companies are relieved from the hassle of maintaining dual accounting systems.
- Voluntary Adoption of Ind-AS period beginning on or after 1st April 2015 (Companies would have to provided comparative figures if the financial statements are prepared as per accounting standards for period ending 31st March 2015) The rules clearly states that once an entity has adopted Ind AS it shall be required to follow the Ind AS for all subsequent years.