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Applicability of ind as

NAVEEN KUMAR ANDHAVARAPU (FINANCE) (96 Points)

21 August 2016

If an Indian Unlisted Company's net worth reaches to Rs.250 Crs during the financial year 16-17, please explain applicability of IND AS?

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CA Tanvi Sheth (Consultant) (232 Points)
Replied 28 September 2016

As per Rule-4 of the Companies( Indian Accounting Standard ) Rules,2015, if your Net Worth reaches INR 250crore or above in 2016-17, then you need to comply with Ind AS from 1st April, 2017.

Please refer Explanation to Rule-4.

Amit Ashok Chawla (Corporate Trainer) (383 Points)
Replied 27 October 2016

https://www.youtube.com/watch?v=rldGAPUm5As

You may refer to the link above to also understand the date of transition for Phase II companies. It is the net worth, and not the criteria of listed / unlisted that is applicable in Phase II.