It is worth mentioning that if IND AS becomes applicable to any company as on a particular date, then IND AS shall also automatically become applicable to its holding company, all its subsidiaries, associated companies and joint ventures from the same date.
The Ministry of Corporate Affairs (MCA) stipulated that all companies will have to prepare their financial statements as per the Ind AS. However, all companies will not have to switch over from the erstwhile Accounting Standards (AS) to the Indian Accounting Standards (Ind AS) at the same time and on the same date. The MCA, on February 16, 2015, notified through the Companies (Indian Accounting Standards) Rules, 2015 that the adoption and applicability of IND AS by the Indian companies would be in a phased manner. These rules were further amended in 2016, 2017 and 2018.
As per these rules, all companies, both Listed and Unlisted, whose net worth is `500 crore or more were required to adopt Ind AS from the 2016-17 fiscal. However, listed companies having net worth less than `500 crore and unlisted companies having net worth less than `500 crore but above `250 crore or more were asked to adopt the Ind AS from the 2017-18 fiscal.
この記事は BUSINESS ECONOMICS の August 1-15, 2019 版に掲載されています。
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