TMI BlogNet Worth of the Companies – For Application of IndASX X X X Extracts X X X X X X X X Extracts X X X X ..... ch are not in existence on 31 st March, 2014 or an existing company falling under any of thresholds for the first time after 31 st March, 2014, the net worth shall be calculated on the basis of the first audited financial statement ending after that date in respect of which it meets threshold. Case I: Before Phase-I the net worth of company is ₹ 200 cr as on 31 st March, 2014 and it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... XXX Less: Miscellaneous expenditure not written off XXX Net Worth XXX Standards once required to be complied with in accordance with these rules, shall apply to both stand-alone and consolidated financial statements (CFS). Companies to which IndAS are applicable as specified in these ru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to follow the IndAs for all the subsequent financial statements even if any of the criteria specified in this rule does not subsequently apply to it. Illustration Company M Ltd. And Company N Ltd. Having net worth of ₹ 600 crore and ₹ 200 crore respectively are subsidiaries of a Foreign company viz., XYZ Inc., which has net worth of ₹ 500 crore in the financial year 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re its financial statements as per the Companies (Indian Accounting Standards) rules, 2015. As the Foreign Company is not required to prepare financial statements based on the IndAS, the net worth of the Foreign Company XYZ would not be the basis for deciding whether Indian Subsidiary Company M Ltd. And Company N Ltd. Are required to prepare financial statements based on IndAs. - Manuals - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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