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It contains applicability of IND AS to the companies based on the notifications issued till now. #pdf
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CA. Pavan Kumar Pabbisetty Mail ID. ppavankumarca@gmail.com INDIAN ACCOUNTING STANDARDS (IND AS) S. No IND AS PARTICULARS OF IND AS (w. e. f. 01-04-2015) COMPARITIVE AS 1 101 First-time Adoption of Indian Accounting Standards 2 102 Share Based Payment 3 103 Business Combinations Accounting for Amalgamations (AS - 14) 4 104 Insurance Contracts (This Indian Accounting Standard shall come into effect for insurance companies from the date to be separately announced) 5 105 Non-Current Assets Held for Sale and Discontinued Operations Discontinuing Operations (AS – 24) 6 106 Exploration for and Evaluation of Mineral Resources 7 107 Financial Instruments: Disclosures Financial Instruments: Disclosures (AS -32) 8 108 Operating Segments Segment Reporting (AS -17) 9 109 Financial Instruments Financial Instruments – Recognition & Measurement (AS – 30) 10 110 Consolidated Financial Statements Consolidated Financial Statements (AS – 21) 11 111 Joint Arrangements 12 112 Disclosure of Interests in Other Entities 13 113 Fair Value Measurement 14 114 Regulatory Deferral Accounts 115 Revenue from Contracts with Customers (Omitted w. e. f. 30-03-2016) 15 1 Presentation of Financial Statements Disclosure of Accounting Policies (AS -1) 16 2 Inventories Valuation of Inventories (AS – 2) 17 7 Statement of Cash Flows Cash Flow Statements (AS - 3) 18 8 Accounting Policies, Changes in Accounting Estimates and Errors Net Profit or Loss for the period, Prior Period Items and Changes in accounting Policies (AS – 5) 19 10 Events after the reporting period Contingencies and events occurring after the Balance Sheet Date (AS – 4) CA. Pavan Kumar Pabbisetty Mail ID. ppavankumarca@gmail.com 20 11 Construction Contracts (Inserted w. e. f. 30-03-2016) Construction contracts (AS – 7) 21 12 Income Taxes Accounting for Taxes on Income (AS -22) 22 16 Property, Plant and Equipment a) Depreciation Accounting (AS – 6) b) Accounting for Fixed Assets (AS -10) 23 17 Leases Leases (AS -19) 24 18 Revenue (Inserted w. e. f. 30-03-2016) Revenue Recognition (AS - 9) 25 19 Employee Benefits Employee Benefits (AS -15) 26 20 Accounting for Government Grants and Disclosure of Government Assistance Accounting for Government Grants (AS – 12) 27 21 The Effects of Changes in Foreign Exchange Rates The Effects of Changes in Foreign Exchange Rates (AS – 11) 28 23 Borrowing Costs Borrowing Costs (AS – 16) 29 24 Related Party Disclosures Related Party Disclosures (AS – 18) 30 27 Separate Financial Statements 31 28 Investments in Associates and Joint Ventures a) Accounting for Investments in Associates with consolidated financial statements (AS – 23) b) Financial Reporting of interests in Joint Ventures (AS – 27) 32 29 Financial Reporting in Hyperinflationary Economies 33 32 Financial Instruments: Presentation Financial Instruments: Presentation (AS -31) 34 33 Earnings per Share Earnings Per share (AS – 20) 35 34 Interim financial Reporting Interim Financial reporting (AS -25) 36 36 Impairment of Assets Impairment of Assets (AS – 28) 37 37 Provisions, Contingent Liabilities and Contingent Assets Provisions, Contingent Liabilities and Contingent Assets (AS – 29) 38 38 Intangible Asset Intangible Assets (AS -26) 39 40 Investment Property Accounting for Investments (AS – 13) 40 41 Agriculture CA. Pavan Kumar Pabbisetty Mail ID. ppavankumarca@gmail.com APPLICABILITY OF IND AS S. No CRITERIA FOR APPLICABILITY OF IND AS TO COMPANIES APPLICABLE FROM THE FINANCIAL YEAR (With Comparatives) VOLUNTARY MANDATORY 1 a) Any Company (w. e. f. 30-03-2016 any company and its holding, subsidiary, joint venture or associate company) 2015-16 b) Companies whose securities are listed or are in the process of being listed on SME exchange as referred to in Chapter XB or on the Institutional Trading Platform without initial public offering in accordance with the provisions of Chapter XC of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. 2015-16 2 a) Any Company (and its holding, subsidiary, joint venture or associate company) whose equity or debt securities are listed or are in the process of being listed on any stock exchange in India or outside India and having net worth of rupees five hundred crore or more 2016-17 b) Any Company other than those covered in (a) above (and its holding, subsidiary, joint venture or associate company) and having net worth of rupees five hundred crore or more 2016-17 3 a) Any Company (and its holding, subsidiary, joint venture or associate company) whose equity or debt securities are listed or are in the process of being listed on any stock exchange in India or outside India and having net worth of less than rupees five hundred crore 2017-18 b) unlisted companies (and its holding, subsidiary, joint venture or associate company) having net worth of rupees two hundred and fifty crore or more but less than rupees five hundred crore 2017-18 4 NBFC’s (and its holding, subsidiary, joint venture or associate company) having net worth of rupees five hundred crore or more 2018-19 5 a) NBFCs (and its holding, subsidiary, joint venture or associate company) whose equity or debt securities are listed or in the process of listing on any stock exchange in India or outside India and having net worth less than rupees five hundred crore 2019-20 b) NBFCs, that are unlisted companies, (and its holding, subsidiary, joint venture or associate company) having net worth of rupees two-hundred and fifty crore or more but less than rupees five hundred crore 2019-20 6 Holding, subsidiary, joint venture or associate companies of Scheduled commercial banks (excluding RRBs) 2018-19 7 All India Term lending and refinancing Institutions (Exim Bank, NABARD, NHB and SIDBI) subject to any guidelines issued by the RBI. 2018-19 CA. Pavan Kumar Pabbisetty Mail ID. ppavankumarca@gmail.com Note: 1. The Banking Companies and Insurance Companies shall apply the IND ASs as notified by the Reserve Bank of India (RBI) and Insurance Regulatory Development Authority (IRDA) respectively. An insurer or insurance company shall however, provide IND AS compliant financial statement data for the purposes of preparation of consolidated financial statements by its parent or investor or venturer, as required by the parent or investor or venturer to comply with the requirements of these rules. 2. Once a company starts following the Indian Accounting Standards (IND AS) either voluntarily or mandatorily on the basis of criteria specified in the rules, it shall be required to follow the IND AS for all the subsequent financial statements even if any of the criteria specified in the rules does not subsequently apply to it. 3. For the purposes of calculation of net worth of companies the following principles shall apply. (a) the net worth shall be calculated in accordance with the stand-alone financial statements of the company as on 31st March, 2014 or the first audited financial statements for accounting period which ends after that date; (b) for companies which are not in existence on 31st March, 2014 or an existing company falling under any of thresholds specified for the first time after 31st March, 2014, the net worth shall be calculated on the basis of the first audited financial statements ending after that date in respect of which it meets the thresholds specified. The companies meeting the specified thresholds for the first time at the end of an accounting year shall apply Indian Accounting Standards (IND AS) from the immediate next accounting year. Example: The companies meeting threshold for the first time as on 31st March, 2017 shall apply IND AS for the financial year 2017-18 onwards and so on. (c) Net worth means the aggregate value of the paid-up share capital and all reserves created out of the profits and securities premium account, after deducting the aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off, as per the audited balance sheet, but does not include reserves created out of revaluation of assets, write-back of depreciation and amalgamation. 4. IND AS once required to be complied with in accordance with those rules, shall apply to both stand-alone financial statements and consolidated financial statements. 5. Overseas subsidiary, associate, joint venture and other similar entities of an Indian company may prepare its standalone financial statements in accordance with the requirements of their specific jurisdiction. Provided that such Indian company shall prepare its consolidated financial statements in accordance with the Indian Accounting Standards (IND AS) if it meets the criteria as specified. 6. Indian company which is a subsidiary, associate, joint venture and other similar entities of a foreign company shall prepare its financial statements in accordance with the Indian Accounting Standards (IND AS) if it meets the criteria as specified.




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