IFRS

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Querist : Anonymous

Querist : Anonymous (Querist)

10 November 2010 IFRS is mandatory for FY 11-12 for non listed companies also

CA Sanat Pyne

CA Sanat Pyne (Expert)
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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

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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10 November 2010 Applicable to unlisted companies with a net worth of more than Rs 1,000 crore

Rajan Kapoor

Rajan Kapoor (Expert)
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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

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