Applicability of ind as for companies

This query is : Resolved

Monica jain (Querist)
Follow

14 April 2016 Dear All,

On 30th March 2016, MCA notified companies (Accounting standards) Amendment Rules 2016, where AS 10 and AS 6 has been replaced with revised AS 10. And this revised AS are applicable from date of notification (i.e., 30th March 2016). However, MCA received several representations for deferring the applicability date. NO final decision on deferment has been taken yet.

In light with the above, I am all confused as to whether Ind AS 16 will apply or this revised AS 10 for PPE's. Or their applicability will vary for Level I,II,III companies, as level I has to apply Ind AS from 1st April 2016 and level II from 1st April 2017 mandatorily.

Kindly enlighten.

Regards,
Monica

Sandeep Garg

Sandeep Garg (Expert)
Follow

14 April 2016 For FY 15 - 16 these revised AS are applicable since no notification has been issued by MCA for deferring applicability of these standards to 1st April 16.

Further, IndAS are applicable as per the roadmap already issued for Level 1, II, and III companies.

No need to get confused as for level I companies Ind AS has become applicable from 1st April 16.

Thanks,

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok