Ind as applicability
This query is : Resolved
ANKUR BINANI
(Querist)
09 September 2019
1. Can an NBFC company voluntarily opt for IND AS accounting as per companies Act, 2013?
2. Is there any restrictions as per RBI for voluntarily opting of IND AS?
2. Is there any restrictions as per RBI for voluntarily opting of IND AS?
CA R SEETHARAMAN
(Expert)
10 September 2019
1 Yes.
2 No restrictions.
See the link for guidance.
https://home.kpmg/content/dam/kpmg/in/pdf/2018/09/indas-practical-perspective.pdf
2 No restrictions.
See the link for guidance.
https://home.kpmg/content/dam/kpmg/in/pdf/2018/09/indas-practical-perspective.pdf
ANKUR BINANI
(Querist)
10 September 2019
Thanks Sir for your feedback but i am still not clear.
Rule 4(1)(iv) of Companies (Indian Accounting Standard) Rules, 2015 specifies the category of NBFC's which shall compulsorily have to comply with IND AS. But it is not clear about other NBFC's which doesnot fall in the criteria. Can they voluntarily opt for IND AS?
Rule 4(1)(i) of the aforesaid rule which says "any company and its Holding Company, JV or Associate Company MAY comply with IND AS................ Can we interpret this as any NBFC not falling in criteria of RULE 4(1)(iv) is also covered in this?
Rule 4(1)(iv) of Companies (Indian Accounting Standard) Rules, 2015 specifies the category of NBFC's which shall compulsorily have to comply with IND AS. But it is not clear about other NBFC's which doesnot fall in the criteria. Can they voluntarily opt for IND AS?
Rule 4(1)(i) of the aforesaid rule which says "any company and its Holding Company, JV or Associate Company MAY comply with IND AS................ Can we interpret this as any NBFC not falling in criteria of RULE 4(1)(iv) is also covered in this?
CA R SEETHARAMAN
(Expert)
10 September 2019
1 Yes you can voluntarily opt for INDAS.
2 Yes you can interpret that way.
2 Yes you can interpret that way.
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
- Gst credit note by supplier
- Movement of goods by packers and movers - type of sale - Reg.
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Missed uploading GST Invoice
- Query on effect of registration of property
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
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
