Annual Filing (XBRL-IND AS) Standalone
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.
The compulsory application of “IND AS” by all Banks, NBFCs & Insurance companies with effect from 01st April 2018 whose:
The net worth is equal to or more than INR 500 crore with effect from 01st April 2018. The Indian Insurance Regulatory Development Authority (IRDA) will provide a different set of “IND AS” for Banks & Insurance companies with effect from 01/04/2018. NBFCs include categories such as Core Investment Companies, Stock Brokers & Venture Capital companies. The net worth needs to be checked of previous three years i.e. 2015-2016, 2016-2017 & 2017-2018. Usually, the NBFCs whose net worth is equal to or more than INR 250 crore & less than INR 500 crore, will require “IND AS” being compulsorily applied to them with effect from 01st April 2019.
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