From when is ind as applicable

The application of Ind AS is mainly based on the listing status and net worth of a company. April In other words, the companies meeting the above threshold for the first time as on 31st March, shall apply Ind AS for the financial year onwards.

Clause iii of sub- rule 1 of Rule 4 of the Companies Indian Accounting Standards Rules, states that the following companies shall comply with Ind AS for the accounting periods beginning on or after 1st April, Note that the comparative information i. Net worth will be determined based on the stand-alone accounts of the company as on 31st March , or the first audited period ending after that date.

Only capital Reserve arising out of promoters contribution and government grants received can be included. Reserves created out of revaluation of assets and written back depreciation cannot be included. Companies can voluntarily choose to incorporate IND AS in their reports for accounting periods beginning on or after April 01, While reporting, such companies must include a comparative report for the periods ending 31 March or thereafter, where IND AS have been incorporated to present a comparative view.

However, once a company has started reporting as per the IND AS, it cannot change to reporting as per previous laws. Typically, SEBI requires issuer companies to disclose financial information for the previous 5 financial years immediately preceding the year of filing of the offer document, while following uniform accounting policies for each of the financial years. The use of any materials or services or software is not a substitute for legal advice. Only a legal practitioner can provide legal advice.

A legal practitioner should be consulted for any legal advice or matter. Free Trial Login. There is no opting out of following these standards whether taken up voluntarily or mandatorily. The standards shall be applicable to all financial statements i. Standalone and consolidated. Changes in Direct tax and Indirect tax by Budget, Rates of Income tax as per Finance act, View More Published Posts.

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