Indian Accounting Standard (Ind As) - Brief Study
Indian Accounting Standard (Ind As) - Brief Study
Indian Accounting Standard (Ind As) - Brief Study
Ind AS the new set of accounting standards was notified by the Ministry of Corporate
Affairs (MCA) on February 19, 2015. As of date, there are 39 Ind AS notified by the
MCA. The Ind AS are named and numbered in the same way as the corresponding
IFRS. The application of Ind AS is based on the listing status and net worth of a
company.
Applicability
The Council of the ICAI, at its meeting, held on March 20-22, 2014, has
finalized the roadmap. As per this roadmap, the first set of accounting
standards i.e. converged accounting standards (Ind AS) shall be applied to
the following specified class of companies for preparing their first Indian
Accounting Standards (Ind AS) consolidated financial statements for the
accounting period beginning on or after April 1, 2016, with comparatives for
the year ending 31st March 2016 or thereafter.
The specified class of companies includes,
(a) Whose equity and/or debt securities are listed or are in the process of
listing company stock exchange in India or Outside India or
(b) Companies other than those covered in (a) above, having net worth of Rs.
500 crore or more
(c) Holding, Subsidiary, Joint Venture or associate companies covered under
(a) or (b) above
Comparatives for period ending 31 March 2015 or thereafter 31 March 2016 or thereafter 31 March 2017 or thereafter
Applicable to companies Voluntary adoption Companies whose net worth is 500 crore INR or Companies whose equity and /or debt securities
more are listed or in the process of being listed on any
stock exchange in India or outside India and
having Net worth of less than 500 crore INR.
Holding, subsidiary, joint venture or associates Unlisted companies having net worth of 250 crore
companies of above companies. INR or more.