SAHU & ASSOCIATES: IND AS Consultants in Bangalore, India

Introduction:
The Ministry of Corporate Affairsthrough its notification dated 16th February 2016 has issued Indian Accounting Standards (Ind AS) which are converged with the International Financial Reporting Standards (IFRS).
IFRS is a set of Accounting Standards developed by International Accounting Standards Board (IASB).This standard provides a global framework for preparation & presentation of financial statements of an entity. It provides a clear financial performance of an entity to the stakeholders, employees & other people related to the entity.
The major need for implementation of IFRS in India is to remove the discrepancy in accounting Polices, and make a uniform standard of accounting for arriving at uniform profits across the globe (discrepancy as in different countries follow different Accounting Standards). IFRS has already been applied for more than 100 countries and in soon it would be used across the globe.

Applicability of IND AS in INDIA:

Applicability of IND AS to companies

A. From April 1st 2015 – Voluntary Adoption.

B. From April 1st 2016 – Mandatory Adoption for: -
1. Companies with equity/ debt securities are listed or in process of listing in any stock exchange in India or outside India having net worth 500 crore and more.
2. Companies whose net worth is INR 500 crore and more.
3. Holding subsidiary, joint venture or associate companies of these companies.

C. From April 1st 2017 – Mandatory Adoption for: -
1. Companies with equity & debt securities are listed or in process of listing in any stock exchange in India or outside India having net worth less than rupees 500cr.
2. Unlisted companies with net worth of INR 250 crore and more.
3. Holding subsidiary, joint venture or associate companies of these companies.

You can reach us for queries at: contact@sahuassociates.com

Where to find us