Applicability of IND AS

336 views
User Avatar

Company secretary
212 Points Posted on 18 February 2020

Dear Experts, 

 

As all of you know that, INDAS is applicable to the selective classes of companies and other companies can adopt the same is as per their discretion. I have a query in this;

Whether this INDAS is only applicable for the preparation of financial results. If a company is keeping it's books of accounts in IGAP and at the year-end, the COmpany is converting those figures to as per INDAS for the preparation of financial reports.Whether this practice is legally valid or not?

 

Thanks in advance

0 Reply Share Follow
On 18 February 2020 at 11:12 Report
Replies (2)
Quick Summary
This discussion clarifies the applicability of Indian Accounting Standards (Ind AS). While certain companies must adopt Ind AS, others can choose to do so voluntarily. The core question is whether a company can maintain its primary books of accounts in Indian GAAP and then convert figures to Ind AS solely for financial reporting purposes. The consensus suggests that companies not mandated to use Ind AS should follow Indian GAAP, and there's no requirement to convert to IFRS or Ind AS for reporting unless specified.

User Avatar

My grammar is 💯 good I
7306 Points Posted on 03 May 2020

It starts from transactions. For example, The Ind AS is completely IFRS but there are other standard principles adjustments prevalent.

All the listed companies follow IFRS. Then, if someone is using IFRS and IND GAAP, then India has not adopted IFRS Standards for reporting by domestic companies and has not yet formally committed to adopting IFRS Standards. So reporting will be done as per Indian standards. 

Indian domestic companies need not follow IFRS for listings by foreign companies.

IFRS is not completely permitted for SME’s.

India converged to IFRS, but not completely.

Right now, Indian companies with 250 crore net worth is using Ind AS. Apart from these companies, all other companies follow Indian GAAP and no need to convert their figures to adjust for IFRS.

IFRS=IND AS, soon, India is committed to follow the new standards. 

 

 

Reply
On 03 May 2020 at 16:45
Guest
Well explained and agree with Yasaswi Gomes
Reply
On 04 May 2020 at 14:01

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. TDS ON PF FORM 19 WITHDRAWAL
  2. Can a virtual office in Mumbai be used for company
  3. Eway and e invoicing in condition where 4 party ar
  4. Bank balance in ITR-3
  5. INCLUDING PROFITS FROM REIT / INVIT IN SHARE TRADI
  6. Tempsens Instruments IPO GMP Allotment Listing dat
  7. Upload Type - Correction. Not showing in TDS filli
  8. Partnership tax audit query
  9. ERROR SHOWING PARTNER REMUNERATION ITR 3 TIME OF V
  10. Form 146 foreign remittance us citizen

More recent discussions | Post

Related Topics :

Loading