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TMI BlogClarification regarding applicability of Indian Accounting Standards to disclosures in offer documents under SEBI (ICDR) Regulations, 2009X X X X Extracts X X X X X X X X Extracts X X X X ..... Indian Accounting Standards to disclosures in offer documents under SEBI (ICDR) Regulations, 2009 1. SEBI (ICDR) Regulations, 2009 require disclosure of financial information for each of the five financial years immediately preceding the filing of the offer document while following uniform accounting policies for each of the financial years. 2. Ministry of Corporate Affairs ('MCA') has notified ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... riod of filing of Offer Document Latest financial year Second latest financial year Third financial year Second earliest financial year Earliest financial year Upto March 31, 2017 Indian GAAP Indian GAAP Indian GAAP Indian GAAP Indian GAAP Between April 1, 2017 and March 31, 2018 Ind AS Ind AS Ind AS* Indian GAAP Indian GAAP Between April 1, 2018 and March 31, 2019 Ind AS Ind A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to present all the five year periods using the Ind AS framework instead of accounting standards otherwise applicable for such period(s). d. The issuer company shall clearly disclose the fact that the financial information has been disclosed in accordance with Ind AS while suitably explaining the difference between Ind AS and the previously applicable accounting standards, and the impact of transi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ocument as per Ind AS shall be audited/reviewed in accordance with requirements of SEBI (ICDR) Regulations, 2009. 4. Applicability: This circular is applicable for all the companies which are required to disclose the financial information in accordance with Ind AS as per MCA roadmap and whose offer document is filed with the Board on or after April 1, 2016. 5. This circular is issued in exercise ..... X X X X Extracts X X X X X X X X Extracts X X X X
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