The IND AS are in essence the standards which have been aligned with the IFRS to ensure increased global comparability of reports of Indian companies. Since Indian companies are more geographically leveraged now than before, the need to harmonize, the reporting standards with international practice were felt and has led to the introduction of IND AS.
Mandatory applicability of IND AS to all companies from 1st April 2017, provided:It is A listed company or in the process of doing so as on the date 31.03.2016. It’s net worth for any of the period is greater than two hundred fifty crore and lesser than five hundred crore of such period.
Net worth must be auditorized for the Total of four Financial Years: 2014-14, 2014-15,2015-16, and 2016-17.
Mandatory applicability of IND AS to all Banks, NBFCs, and Insurance companies from 1st April 2018, whose: Net worth is more than or equal to INR 500 crore from 1st April 2018. Indian Insurance Regulatory Development Authority (IRDA) shall release the different set of IND AS for Banks & Insurance Companies from 01/04/2018. NBFCs consist of categories like core investment companies, stock brokers, venture capitalists etc Net worth should be verified of last three years i.e 2015- 2016, 2016-2017 & 2017-2018. Generally, the NBFCs who have the Net worth of more than or equal to INR 250 crore but less than INR 500 crore, should have the IND AS mandatory applied to them from 1st April 2019.
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Scope of Work:
1. Preparation of Directors Report and its annexures;
2. Preparation of XBRL template (Standalone) - IND AS
3. Preparation of documents for attachment in e-forms;
4. Preparation of e-forms;
5. Arranging for Certification of e-forms;
6. Resubmission of e-forms, if any.
The XBRL-IND AS filing defined entities which file their independent IND AS financial statements prepared in accordance with the Accounting Standard issued by the Ministry of Corporate Affairs in XBRL format. It is required at the certain firms depending on their size, or their listing status or other financial measurement provided by Ministry of Corporate Affairs (MCA).
The following entities are required to file their stand-alone financial statements in XBRL format under IND AS:
Have a paid-up capital of ₹5 crore or more.
Have an annual income of ₹100 crore or more.
Not applicable: Companies engaged in financial services other than banking, mortgage finance, insurance, or banking are not included in the XBRL submission.
Ongoing compliance: Once a company files its financial statements in XBRL format, it should continue to do so in future years, even if they don’t continue to fall within the applicability.
Penalties: Non-compliance with XBRL filing requirements may result in penalties, as prescribed under the Companies Act, 2013.
The mapping process includes the following:
XBRL tags for financial data.
Include detailed information such as reporting periods, units of measure, and reporting scales.
The following financial documents must be attached to mgt-7 form AOC-4 XBRL when filing an independent financial statement:
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