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Ifrs eligbility

UMANG SHAHI (student) (98 Points)

30 July 2014

what is the eligibility for ifrs?

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CA PALLAVI VOHRA (Learner) (140 Points)
Replied 02 August 2014

Did you mean IFRS applicability:

Applicability of IFRS is in three phases as outlined below:

Phase

Date

Coverage

Phase 1

Opening balance sheet as of 1 April 2011*

1.	Companies that are part of NSE 50 (Nifty 50)
2.	Companies that are part of BSE Sens*x (BSE 50)
3.	Companies whose shares or other securities are listed on a stock exchange outside India
4.	Companies, listed or not, having net worth exceeding INR1,000 crore

Phase 2

Opening balance sheet as of 1 April 2013*

Companies not listed in phase 1 and having net worth exceeding INR500 crore

Phase 3

Opening balance sheet as of 1 April 2014*

Listed companies not covered in the earlier phases

*If the financial year of a company commences at a date other than 1 April, then it shall prepare its opening balance sheet at the commencement of the immediately following fiscal year.