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Ind AS – Indian Accounting Standard Complete Guide

Ind AS – Indian Accounting Standard Complete Guide 

Ind AS – Indian Accounting Standard – The Ministry of Corporate Affairs (MCA), through its notice on 16 February 2015, issued the Indian Accounting Standards (Ind AS), which are focalized with the International Financial Reporting Standards (IFRS). The MCA likewise issued a usage guide for organizations, other than protection, saving money and non-managing an account fund organizations, ordering the selection of Ind AS in a staged way. In this way, on 30 March 2016, the MCA advised two extra Ind AS on income, alongside changes to the current Ind AS, and reported the deferral of Ind AS 115, Revenue from Contracts with Customers.

Ind AS includes 40 bookkeeping guidelines that give broad direction and involve a noteworthy change in the money related reporting structure utilized by Indian organizations to report their monetary results. Their appropriation requires a point by point level of investigation for which organizations may need to contribute considerable measures of time to guarantee consistence.

Ind AS – Indian Accounting Standard – ICAI

These are the converged Indian Accounting Standards (Ind ASs) hosted by MCA on its website. The date on which these will come into force is yet to be notified. Any changes in the Ind AS vis. a vis. corresponding IAS/IFRS are given in Appendix 1 appearing at the end of each Ind AS.

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Applicability of Ind AS – Indian Accounting Standard MCA 1st April 2016

Applicability of Indian Accounting Standards (Ind AS)” is very important issue for Indian companies. Accounting Standards in India are issued by Institute of Chartered Accountants of India (ICAI). Presently these benchmarks are adjusted to International Financial Review Standards (IFRS). As needs be, New Indian AS are presented by Central Government.

The Central Government has made new rules in this regard which is called as Companies (Indian Accounting Standards) Rules, 2015. These rules are in force from 1st April 2015.

Applicability of Ind AS – Indian Accounting Standard 

Voluntary compliance

Any company may comply with Indian AS for Financial statements beginning with period on or after 1st April 2015, with the comparatives of period ending on 31stMarch, 2015, or thereafter;

Exemptions:

The insurance companies, banking companies and non-banking finance companies shall not be required to apply Indian Accounting Standards (Ind AS) for preparation of their financial statements either voluntarily or mandatory as specified in sub-rule (1) of rule 4.

Mandatory Compliance

It is mandatory for the following companies to comply with Indian AS for financial statements beginning with period on or after 1st April 2016, with the comparatives of period ending on 31st March, 2016, or thereafter.

  • Companies whose securities are listed or are in process of listing in any stock exchange in India or outside India and having net worth of Rs. 500 crore or more;
  • Companies other than above and having net worth of Rs. 500 Crore or more;
  • Holding, subsidiaries, joint venture or associates of above companies.

It is also mandatory for the following companies to comply with Indian AS for financial statements beginning with period on or after 1st April 2017, with the comparatives of period ending on 31st March, 2016, or thereafter.

  • Companies whose securities are listed or are in process of listing in any stock exchange in India or outside India and having net worth of less than Rs. 500 crore or more;
  • Companies other than above and having net worth of Rs. 250 Crore but less than Rs. 500 Crore or more;
  • Holding, subsidiaries, joint venture or associates of above companies.
  • Securities listed or in process of listed in SME Exchange are not included in above companies.
  • The net worth is calculated based on stand alone financial statements of company as on 31st March 2014 or first audited financial statements after this date.
  • The companies which were not in existence or exiting companies falling under above rules of applicability of AS, the net worth is calculated based on the first audited financial statements ending after that date. If these companies are meeting the netwoth limit for first time at the end of financial year, then they shall follow the Indian AS from next accounting year. For example if the companies meet the networth limit as on 31st march 2017 then the Ind AS will be applicable from financial year 2017-18.
  • Ind AS will be applied to both stand alone financial statements and consolidated financial statements.
  • Overseas subsidiaries, associates, joint ventures and other similar entities of an Indian company may prepare its standalone financials statements in accordance to requirement of specific jurisdiction.
  • Once any Indian company applies Ind AS voluntarily or mandatory, then it must follow them consistently for future years.

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Ind AS – Indian Accounting Standard Complete Guide

At CAKART www.cakart.in you will get everything that you need to be successful in your CA CS CMA exam – India’s best faculty video classes (online or in pen drive) most popular books of best authors (ebooks hard copies) best scanners and all exam related information and notifications.Visit www.cakart.in and chat with our counsellors any time.

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Ind AS Related all Posts :

 

 

Ind AS – Indian Accounting Standard Complete Guide

At CAKART www.cakart.in you will get everything that you need to be successful in your CA CS CMA exam – India’s best faculty video classes (online or in pen drive) most popular books of best authors (ebooks hard copies) best scanners and all exam related information and notifications.Visit www.cakart.in and chat with our counsellors any time.

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