IFRS
This query is : Resolved
20 May 2011
Pls give me updates on IFRS implementation in india. Comapny categorywise.
Thanks
Thanks
20 May 2011
Previous it was as under:
According to the roadmap laid out by the Corporate Affairs Ministry, companies listed on the BSE or NSE or whose shares or other securities are listed on a stock exchange outside India, besides listed and unlistedcompanies with a net worth of more than Rs 1,000 crore, are to converge with IFRS from April 1, 2011.
Companies having net worth of exceeding Rs 500 crore will join the regime from April 1, 2013, while all other listed companies with a net worth of less than Rs 500 crore will converge with IFRS by April 1, 2014.
While all insurance companies will convert their opening balance sheets with IFRS from April, 2012, scheduled commercial banks and urban cooperative banks with a net worth of over Rs 300 crore will adopt it from April 1, 2013.
In addition, non-banking finance companies (NBFCs) which are part of the NSE or BSE or have a net worth of over Rs 1,000 crore will converge their opening books of accounts with IFRS norms from April 1, 2013. All listed and unlisted NBFCs with a net worth of over Rs 500 crore will convert their opening balance sheet from April 1, 2014.
According to the ministry’s roadmap, urban cooperative banks with a net worth of less than Rs 200 crore, unlisted NBFCs with a net worth of under Rs 500 crore and regional rural banks need not follow the convergedaccounting norms.
Commercial banks with a net worth of over Rs 300 crore and those UCBs with a net worth between Rs 200-300 crore will be required to convert their balance sheets to the new norms from April 1, 2014, onwards.
Now it has been postponed till further notice.
According to the roadmap laid out by the Corporate Affairs Ministry, companies listed on the BSE or NSE or whose shares or other securities are listed on a stock exchange outside India, besides listed and unlistedcompanies with a net worth of more than Rs 1,000 crore, are to converge with IFRS from April 1, 2011.
Companies having net worth of exceeding Rs 500 crore will join the regime from April 1, 2013, while all other listed companies with a net worth of less than Rs 500 crore will converge with IFRS by April 1, 2014.
While all insurance companies will convert their opening balance sheets with IFRS from April, 2012, scheduled commercial banks and urban cooperative banks with a net worth of over Rs 300 crore will adopt it from April 1, 2013.
In addition, non-banking finance companies (NBFCs) which are part of the NSE or BSE or have a net worth of over Rs 1,000 crore will converge their opening books of accounts with IFRS norms from April 1, 2013. All listed and unlisted NBFCs with a net worth of over Rs 500 crore will convert their opening balance sheet from April 1, 2014.
According to the ministry’s roadmap, urban cooperative banks with a net worth of less than Rs 200 crore, unlisted NBFCs with a net worth of under Rs 500 crore and regional rural banks need not follow the convergedaccounting norms.
Commercial banks with a net worth of over Rs 300 crore and those UCBs with a net worth between Rs 200-300 crore will be required to convert their balance sheets to the new norms from April 1, 2014, onwards.
Now it has been postponed till further notice.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Itr 1 processing
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- ITR returnFY25-26
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
