I have to query when I have to prepare financial statements in accordance with ind AS?
let suppose in February 2020 my company networth crosses the limit of 250 crores. So, from which financial year I have to apply ind as from the financial year 2019-20 or from fy 2020-21??
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IND AS applicability
Replies (4)
Quick Summary
IndAS 101 will give you guidelines on first time adoption: https://mca.gov.in/Ministry/pdf/INDAS101.pdf
converging within a two months, feb & mar, is not possible. But you can adopt IndAS even by the end of the year but needs meticulous recording. So converge from next year.
What if unlisted company crosses the networth limit in June 2019
then from which financial year ind as applicability is mandatory from 2019-20 or from fy 2020-21.
then from which financial year ind as applicability is mandatory from 2019-20 or from fy 2020-21.
Yes, it is mandatory from the same year the moment it is 250 crores or above turnover.
In the above link, it states, changes should start from interim reports. I did not go through it completely, but if your are in the fourth interim, you might have to make policy changes to the other three quarters. Please check it otherwise.
Ok thanku✌️ sir
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