IFRS
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 November 2010
IFRS is mandatory for FY 11-12 for non listed companies also
CA Sanat Pyne
(Expert)
10 November 2010
The ICAI has also stated that IFRS will be applied to companies above Rs.1000 crore from April 2011. Phase wise applicability details for different companies in India:
Phase 1: Opening balance sheet as at 1 April 2011*
i. Companies which are part of NSE Index – Nifty 50
ii. Companies which are part of BSE Sensex – BSE 30
a. Companies whose shares or other securities are listed on a stock exchange outside India
b. Companies, whether listed or not, having net worth of more than INR1,000 crore
Phase 2: Opening balance sheet as at 1 April 2012*
Companies not covered in phase 1 and having net worth exceeding INR 500 crore
Phase 3: Opening balance sheet as at 1 April 2014*
Listed companies not covered in the earlier phases
Phase 1: Opening balance sheet as at 1 April 2011*
i. Companies which are part of NSE Index – Nifty 50
ii. Companies which are part of BSE Sensex – BSE 30
a. Companies whose shares or other securities are listed on a stock exchange outside India
b. Companies, whether listed or not, having net worth of more than INR1,000 crore
Phase 2: Opening balance sheet as at 1 April 2012*
Companies not covered in phase 1 and having net worth exceeding INR 500 crore
Phase 3: Opening balance sheet as at 1 April 2014*
Listed companies not covered in the earlier phases
10 November 2010
Applicable to unlisted companies with a net worth of more than Rs 1,000 crore
Rajan Kapoor
(Expert)
10 November 2010
1. BSE 30 & NSE 50 companies, Companies whose paid up share capital is Rs.1,000 crores and those companies which are listed in Foreign. APPLICABLE FROM April 1, 2011
2. Remaining Listed companies & Companies whose paid up share capital is Rs.5,00 crores. APPLICABLE FROM April 1, 2013
3. All other companies. APPLICABLE FROM April 1, 2014
1. BSE 30 & NSE 50 companies, Companies whose paid up share capital is Rs.1,000 crores and those companies which are listed in Foreign. APPLICABLE FROM April 1, 2011
2. Remaining Listed companies & Companies whose paid up share capital is Rs.5,00 crores. APPLICABLE FROM April 1, 2013
3. All other companies. APPLICABLE FROM April 1, 2014
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