1) Banking company.
2) Insurance company
Important points to be noted:
IND AS shall be required to be complied with both stand alone &
consolidated financial statements.
For the companies which are not in the existence as on 31 march2014 or
does not meet above mentioned criteria on 31 march 2014 and thereafter
falls in the threshold then the limit will be calculated on the basis of first
audited financial statement after the date.
IND AS Applicability By: CA Neeraj Kumar
Overseas subsidiary, joint venture, or associate of Indian company may
prepare their standalone financial statements as per their special
jurisdiction ,but the consolidated financial statement will be prepared via
using IND AS[ if they are mandatorily or voluntarily meeting the criteria]
Indian company which is a subsidiary, joint venture, or associate of any
foreign company shall be required to prepare financial statements
following IND AS [ if they are mandatorily or voluntarily meeting the
Any company opting to prepare financial statements using IND AS
voluntarily shall be required to follow consistently.
Once required to follow IND AS, will be irrevocable.