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TMI BlogClarification on roadmaps for application of converged Indian Accounting Standards with IFRSsX X X X Extracts X X X X X X X X Extracts X X X X ..... BI, RBI, IRDA C&AG, PFRDA, ICAI, Industry Representatives and other experts. 2. On the basis of the deliberations taken place in the meeting on 11th January, 2010, a Press Release (No.2/2010) related to the roadmap for application of the converged Indian Accounting Standards by companies (other than Banking companies, Insurance companies and Non-Banking finance companies) was issued on 22nd January, 2010. Further, on the basis of the deliberations taken place in the meeting on 29th March, 2010, a Press Release (No.3/2010) related to the roadmap for the application of the converged Indian Accounting Standards by the Banking companies, Insurance companies and Non-Banking finance companies was issued on 31st March, 2010. Both the Press Relea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ional disclosure will, for this purpose, convert their opening balance sheet as at the date on which this previous year commences and, in that case, a further conversion of the opening balance sheet for the year for which the financial statements are prepared will not be necessary. 2. Whether companies covered in 2nd/ 3rd phase for application of the first set of Accounting Standards (i.e. the converged Accounting Standards) can voluntarily opt to apply the same w.e.f accounting year beginning on 1.4.2011? Such Companies will have an option for application of the first set of accounting standards (i.e. the converged Accounting Standards) only for the financial year commencing on 1st April, 2011 or thereafter. 3. As per the roadmap, in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompliance with the first set of accounting standards (i.e., converged accounting standards) ii) NBFCs a. Companies which are part of NSE - Nifty 50 b. Companies which are part of BSE - Sensex 30 c. Companies, whether listed or not, which have a net worth in excess of Rs.1,000 crores What is the cut-off date on which the aforesaid criteria shall be applied in order to determine the scheduled commercial banks/urban co-operative Banks/ NBFCs falling in each of the aforesaid categories which will convert their opening balance sheet as at 1st April, 2013 in compliance with the first set of Accounting Standards (i.e. the converged Accounting Standards)? The date for determination of the criteria is the Balance Sheet as at 31st March 2011 or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng standards (i.e. the converged Accounting Standards) When one or more companies in a group fall in a phase other than the phase applicable to the parent company, they will continue to prepare standalone accounts according to the phase applicable to them but the parent may need to make amendments to these accounts for the purposes of consolidation as per converged accounting standards. Such subsidiaries, joint ventures or associate companies may have the option for early adoption of converged accounting standards. Discontinuing use of the first set of Accounting Standards(i.e. the converged Accounting Standards) 6. Once a company gets covered in the specified class of companies in any one of the phases, as identified in the roadmap iss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch are not in existence on 31st March 2009, the net worth will be calculated on the basis of the first balance sheet ending after that date. The calculation of net worth is for the purpose of the criteria only since "net worth" is a part of the criteria. 8. What are the rules for calculation of qualifying net worth to be recommended to the scheduled commercial Banks/ urban cooperative Banks/ NBFCs in order to determine their applicability for applying the first set of Accounting Standards (i.e. the converged Accounting Standards)? For the purpose of calculation of qualifying net worth of scheduled commercial Banks/ urban cooperative Banks/ NBFCs, the following rules will apply: a. The net worth will be calculated as per the audited bal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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