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Obligation to comply with Indian Accounting Standards (Ind AS).

Rule 4 - Rule - Rules - Companies Law - Rule 4 - 4. - (1) The Companies and their auditors shall comply with the Indian Accounting Standards (Ind AS) specified in Annexure to these rules in preparation of their financial statements and audit respectively, in the following manner, namely:- (i) 1[ any company and its holding, subsidiary, joint venture or associate company ] may comply with the Indian Accounting Standards (Ind AS) for financial statements for accounting periods beginning on or afte .....

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t worth of rupees five hundred crore or more; (b) companies other than those covered by sub-clause (a) of clause (ii) of sub rule (1) and having net worth of rupees five hundred crore or more; (c) holding, subsidiary, joint venture or associate companies of companies covered by sub-clause (a) of clause (ii) of sub- rule (1) and sub-clause (b) of clause (ii) of sub- rule (1) as the case may be; and (iii) the following companies shall comply with the Indian Accounting Standards (Ind AS) for the ac .....

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having net worth of rupees two hundred and fifty crore or more but less than rupees five hundred crore. (c) holding, subsidiary, joint venture or associate companies of companies covered under sub-clause (a) of clause (iii) of sub- rule (1) and sub-clause (b) of clause (iii) of sub- rule (1), as the case may be: 2[(iv) Notwithstanding the requirement of clauses (i) to (iii), Non-Banking Financial Companies (NBFCs) shall comply with the Indian Accounting Standards (Ind ASs) in preparation of thei .....

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red under clauses (i), (ii) and (iii) of sub-rule (1) of rule 4. (b) The following NBFCs shall comply with the Indian Accounting Standards (Ind AS) for accounting periods beginning on or after the 1st April, 2019, with comparatives for the periods ending on 31stMarch, 2019, or thereafter- (A) NBFCs whose equity or debt securities are listed or in the process of listing on any stock exchange in India or outside India and having net worth less than rupees five hundred crore; (B) NBFCs, that are un .....

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cified in the Annexure to the Companies (Accounting Standards) Rules, 2006 and others apply accounting standards as specified in the Annexure to these rules, in such cases, for the purpose of individual financial statements, the entities should apply respective standards applicable to them. For preparation of consolidated financial statements, the following conditions are to be followed, namely:- (i) where an NBFC is a parent (at ultimate level or at intermediate level), and prepares consolidate .....

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er clause (i), (ii) and (iii) of sub-rule (1) and has an NBFC subsidiary, associate or a joint venture, the parent has to prepare Ind AS-compliant consolidated financial statements and the NBFC subsidiary, associate and a joint venture has to provide the relevant financial statement data in accordance with the accounting policies followed by the parent company for consolidation purposes (until the NBFC is covered under clause (iv) of sub-rule (1). (v) Notwithstanding clauses (i) to (iv), the hol .....

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on the Institutional Trading Platform without initial public offering in accordance with the provisions of Chapter XC of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009. Explanation 1. - SME Exchange shall have the same meaning as assigned to it in Chapter XB of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009. Explanation 2. - Comparatives shall mean comparative figures for the .....

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any falling under any of thresholds specified in 3[clause (i), (ii) and (iii) of sub-rule (1)], for the first time after 31st March, 2014, the net worth shall be calculated on the basis of the first audited financial statements ending after that date in respect of which it meets the thresholds specified in 3[clause (i), (ii) and (iii) of sub-rule (1)], . Explanation.- For the purposes of sub-clause (b), the companies meeting the specified thresholds given in 3[clause (i), (ii) and (iii) of sub-r .....

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2018-19 onwards and so on. 4[(2A) For the purposes of calculation of net worth of Non-Banking Financial Companies covered under clause (iv) of sub-rule (1), the following principles shall apply, namely:- (a) the net worth shall be calculated in accordance with the stand-alone financial statements of the NBFCs as on 31st March, 2016 or the first audited financial statements for accounting period which ends after that date; (b) for NBFCs which are not in existence on 31st March, 2016 or an existi .....

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nting year in the manner specified in subclause (b) of clause (iv) of sub-rule (1). Illustration - (i) The NBFCs meeting threshold for the first time as on 31st March, 2019 shall apply Ind AS for the financial year 2019-20 onwards. (ii) The NBFCs meeting threshold for the first time as on 31st March, 2020 shall apply Ind AS for the financial year 2020-21 onwards and so on.] (3) Standards in Annexure to these rules once required to be complied with in accordance with these rules, shall apply to b .....

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ying the Indian Accounting Standards (Ind AS) for the accounting period beginning on 1st April, 2016 5[ or 1st April, 2018, as the case may be ] shall apply the Indian Accounting Standards (Ind AS) effective for the financial year ending on 31st March, 2017 6[ or 31st March, 2019, as the case may be ]. (5) Overseas subsidiary, associate, joint venture and other similar entities of an Indian company may prepare its standalone financial statements in accordance with the requirements of the specifi .....

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