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Indian GAAPS, IND-AS & IFRS Advisory Services

In 2015, the Ministry of Corporate Affairs has issued a notification stating a roadmap for implementation of IND-AS converged with IFRS. IND-AS are required to be adopted in a phased manner for the financial year beginning on or after 1 April 2016 with comparatives for the year ending 31 March 2016 for certain class of companies.

For The Accounting Period Beginning on or After 1 April 2016 (Phase 1)

The following companies will have to adopt IND-AS for financial statements from the above-mentioned date: –

Unlisted companies having a net worth of Rs.500 crores or more.
Holding, subsidiary, joint venture or associate companies of the listed and unlisted companies covered above.
Comparative for these financial statements will be periods ending 31 March 2016 or thereafter.
Companies whose equity or debt securities are listed or are in the process of listing on any stock exchange in India or outside India (listed companies) and having net worth of Rs. 500 crores or more.

For The Accounting Period Beginning on or After 1 April 2017 (Phase 2)

The following companies will have to adopt IND-AS for financial statements from the above-mentioned date:-

Listed companies having net worth of less than Rs.500 crores.
Unlisted companies having net worth of Rs.250 crore or more but less than Rs.500 crores.

Holding, subsidiary, joint venture or associate companies of the listed and unlisted companies covered above.

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