Applicability of Indian Accounting Standard (IND AS)
Specific Exempt companies
- Insurance companies
- Banking companies
- NBFCs
Even these companies are not allowed to voluntarily adopt IND AS.
Covered companies (Summary)
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S. NO.
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Class of companies
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Particulars
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Applicable w.e.f.
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Remark
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1
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Any company
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Voluntarily
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01/04/2015
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- Non reversible decision / irrevocable
- Need to be followed consistently
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|
2
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All listed companies or companies in process of listing in India or abroad
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Net worth > = 500 crores
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01/04/2016
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- Criteria need to be checked only at first time adoption i.e. in 1st year only.
|
|
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All other companies i.e. unlisted companies
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Net worth >= 500 crores
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01/04/2016
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- Criteria need to be checked only at first time adoption i.e. in 1st year only.
|
|
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Holding company, Subsidiaries , Joint ventures or associate companies of above mentioned companies
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No such condition
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01/04/2016
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- Not covered overseas subsidiaries, joint ventures, associates or any other similar entities of an Indian company
- IND As will be applicable on Consolidated financials of such Indian company
- In case of vice versa case, IND AS will be applicable on Indian subsidiary, joint venture, associate or similar entities of a foreign company
|
|
3
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All listed companies or companies in process of listing in India or abroad
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Net worth < 500 crores
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01/04/2017
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- Criteria need to be checked only at first time adoption i.e. in 1st year only.
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|
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All other companies i.e. unlisted companies
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Net worth >= 250 crores <500 crores
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01/04/2017
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- Criteria need to be checked only at first time adoption i.e. in 1st year only.
|
|
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Holding company, Subsidiaries , Joint ventures or associate companies of above mentioned companies
|
No such condition
|
01/04/2017
|
- Not covered overseas subsidiaries, joint ventures, associates or any other similar entities of an Indian company
- IND As will be applicable on Consolidated financials of such Indian company
- In case of vice versa case, IND AS will be applicable on Indian subsidiary, joint venture, associate or similar entities of a foreign company
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