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Ifrs eligbility

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UMANG SHAHI

student

98 Points Posted on 30 July 2014

what is the eligibility for ifrs?

Replies (1)

CA PALLAVI VOHRA

Learner

140 Points Posted on 02 August 2014

Did you mean IFRS applicability:

Applicability of IFRS is in three phases as outlined below:

Phase

Date

Coverage

Phase 1

Opening balance sheet as of 1 April 2011*

1.	Companies that are part of NSE 50 (Nifty 50)
2.	Companies that are part of BSE Sens*x (BSE 50)
3.	Companies whose shares or other securities are listed on a stock exchange outside India
4.	Companies, listed or not, having net worth exceeding INR1,000 crore

Phase 2

Opening balance sheet as of 1 April 2013*

Companies not listed in phase 1 and having net worth exceeding INR500 crore

Phase 3

Opening balance sheet as of 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 the immediately following fiscal year.