IND AS

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Guest

Guest (Querist)

28 December 2016 Sir, There is a little bit of confusion regarding applicability of IND AS and AS GAAP on entities. does IND AS replace AS so far as Companies are concerned in Financial reporting.? Please answer as I am new to the topic IND AS. THANKS.

CA Anuj Agrawal

CA Anuj Agrawal (Expert)

28 December 2016 It is mandatory for the following companies to comply with Indian AS for financial statements beginning with period on or after 1st April 2016, with the comparatives of period ending on 31st March, 2016, or thereafter.
• Companies whose securities are listed or are in process of listing in any stock exchange in India or outside India and having net worth of Rs. 500 crore or more;
• Companies other than above and having net worth of Rs. 500 Crore or more;
• Holding, subsidiaries, joint venture or associates of above companies.
It is also mandatory for the following companies to comply with Indian AS for financial statements beginning with period on or after 1st April 2017, with the comparatives of period ending on 31st March, 2016, or thereafter.
• Companies whose securities are listed or are in process of listing in any stock exchange in India or outside India and having net worth of less than Rs. 500 crore or more;
• Companies other than above and having net worth of Rs. 250 Crore but less than Rs. 500 Crore or more;
• Holding, subsidiaries, joint venture or associates of above companies.

Guest

Guest (Querist)

28 December 2016 thank u sir

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