IFRS Applicability

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25 March 2010 Applicability of IFRS in india?

Rahul Gupta

Rahul Gupta (Expert)
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25 March 2010 IFRS in India are applicable in three phases >

1.) Companies covereed in Phase 1 are required to prepare opening balance sheet as on 1-4-2011. The co. covered are >
. Co. Included in Nifty 50
. Co. included in Sensex 30
. Co. which has shares and securities listed on stock Exchnage outside India
. Co. whose net worth is in excess of Rs.1000 Crores.

2.) Companies covereed in Phase 2 are required to prepare opening balance sheet as on 1-4-2013. The co. covered are >
All co. (whether listed or not) whose net worth is more than Rs.500 Crores but less than Rs.1000 Crores.

3.)Companies covereed in Phase 3 are required to prepare opening balance sheet as on 1-4-2014. The co. covered are >
All Listed co. whose net worth is less than Rs.500 Crores.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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25 March 2010 Convergence of all the accounting standards with IFRS will be completed by the ICAI by 31 March 2010 and the NACAS will submit its final recommendations to MCA by 30 April 2010.

Phase Date Coverage
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

Companies whose shares or other securities are listed on a stock exchange outside India
Companies, whether listed or not, having net worth of more than INR1,000 crore

Phase 2 Opening balance sheet as at 1 April 2013* 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
* If the financial year of a company commences at a date other than 1 April, then it shall prepare its opening balance sheet at the commencement of immediately following financial year.