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Indas

mahima sharma (trainee) (116 Points)

05 May 2016

Sir, Ram Limited who is having a turnover of more than 500 crore and is listed or in the process of listing on SME exchanges shall not be required to apply Ind AS. ? or it has to apply Indas. ??

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CS Sanchita Bhardwaj (Company Secretary) (111 Points)
Replied 05 May 2016

Ind AS shall be applicable to the Company for the Accounting period begining on 1st April, 2016, as per Rule 4(1) (ii) (a) of the Companies (Indian Accounting Standards) Rules, 2015.

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mahima sharma (trainee) (116 Points)
Replied 05 May 2016

hi sanchita, thanks for anwering.

just want to make sure. have you read the sme exemption clause of indas

Provided that nothing in this sub-rule, except clause (i), shall apply to companies whose securities are listed or are in the process of being listed on SME exchange as referred to in Chapter XB or 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 preceding accounting period.

is your answer still the same . please advise

CS Sanchita Bhardwaj (Company Secretary) (111 Points)
Replied 05 May 2016

Dear Mahima,

You got it rite. I skipped the 'SME'. It sahll be exempted in this case.

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mahima sharma (trainee) (116 Points)
Replied 06 May 2016

so that means sme exchange listed are always exempt from aplication of indas even if there turnover is more than 500 crore ?

(Guest)

As per Ind- as Financial assets and Financial Liabilities are value at fair value .As per IND-AS 101 First-time Adoption of Indian Accounting Standards
there is exemption that we can do intial recognisation of asset at cost value . So in my company before applicability of Ind –As the investment in another company as equity investment are there that company was previously listed now it’s delisted so after applicability of IND-As we have consider it’s value as initial recognisation and it’s price is consider on cost value and not fair value . Did we had done correctly in determining its value or we had to determine the same at fair value its my query? Is it that we have to consider as subsequent recognisation ? or Intial recognisation?

Kindly solve my query.

Thank you