LIVE GST Certification Course by CA Arun Chhajer begins 21st April. Register Now!!

Applicability of IFRS-LIVE CASE?

V AGARWAL (Director) (177 Points)

07 August 2010

There is a listed company and its Net worth is above 1000crores in previous year 2009-10.

IS IFRS Applicable to it?
Does it have to prepare the IFRS Opening Balance Sheet as on 1st April 2011?

THe company does not come under Nifty 50 or BSE 30.

Q2) Should not think about it, but any relaxation available, just incase its not ready by April 2011?

Reply
Follow
Share

3 Replies

Anandb (CA Final Student) (54 Points)
Replied 07 August 2010

Dear Mr. V Agarwal,

The networth as on March 31, 2009 is important and not as on March 31, 2010. Besides, if your networth is indeed more than 1,000 crores as on March 31, 2009, your company will have no option but to adopt IFRS.

Sandeep Garg (Consolidation and IndAS Application) (1056 Points)
Replied 11 August 2010

There is no exemption available but to apply IFRS if the net worth of a company, whether listed listed or not, is more than Rs. 1000 crores per audited financial statements as on 31 March 2009.