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.
This story is from the August 1-15, 2019 edition of BUSINESS ECONOMICS.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the August 1-15, 2019 edition of BUSINESS ECONOMICS.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Deposit shortage: challenges facing India's banking ecosystem
In any macroeconomic framework, the household sector plays a critical role as a driver consumption, savings, and overall economic activity.
India's future dreams in Semiconductors & AI
A midst the gloom of the RG Kar affair or the Tirupati laddu scam or even the continued terrorist attacks in Jammu & Kashmir, even after the completion of the first general election in the state, we find hope and encouragement when the founder of Nvidia, Jensen Huang, in his recent visit to India says \"India will be a gigantic opportunity for us\".
The Ramayana: Justice and Modern Man
Consisting of Twenty-Four Thousand worthy Sanskrit verses, the Ramayana is one such epic, which provides a pathway to one committed to justice to establish himself as an ideal human being by following the exemplary life of its hero.
Vallabhbhai Patel: A Sardar of Farmers, A Matchless Social Reformer and the Maker of United India
Sardar Vallabhbhai Patel was instrumental in unifying the princely states to form the Union of India.
Understanding Prosperity: NOBEL Prize awarded for groundbreaking research on institutions and economic development
The Royal Swedish Academy of Sciences has awarded the Memory of Alfred Nobel to three US-based economistsDaron Acemoglu, Simon Johnson, and James A. Robinson\"for their studies on how institutions are formed and affect prosperity.\"
Sinking Resources: Groundwater crisis and sustainable solutions in Kolkata
Kolkata's underground water crisis is becoming a serious issue, driven by rapid urbanization and the construction of high-rise buildings.
Tourism Industry positively impacted by the festive season
Diwali transforms streets into a spectacle of festive lights, Diwali transforms streets into olis, and families gearing up for grand celebrations.
RBI's Shift to a Neutral Stance: Signaling a New Phase in Monetary Policy
For over a year, the Reserve Bank of India (RBI) has taken a firm stance against inflation, raising interest rates by 250 basis points between May 2022 and February 2023 in response to post-pandemic price pressures.
UK Budget
There _ he latest UK budget represents a departure from previous fiscal documents.
Han Kang's Historic Nobel Prize Win
The 2024 Nobel Prize in Literature has been awarded to T South Korean writer Han Kang, 53, known for her works including The Vegetarian, The White Book, Human Acts, and Greek Lessons.
