Annual Filing (XBRL-IND AS) Standalone
The IND AS, in essence, represent the standards that have been converged with the IFRS to maximize the global comparability in the reports prepared by Indian firms. The reason why the need arose for the standards in the preparation of reports to match the international standards is that Indian firms, geographically, are more leveraged than before.
Application to all companies from 1st April 2017 is mandatory for IND AS, if:It is an A listed company or in the course of acquiring this status on the date 31.03.2016.Its net worth at any time during any period is in excess of two hundred fifty crore and not in excess of five hundred crore.
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:
Net worth is and above INR 500 crores as at 01 st April 2018. Indian Insurance Regulatory and Development Authority shall issue separate NBFCs that include Core Investment Companies, Stock Broker and Venture Capital Companies. It is expected to ensure the net worth of the three years in the past, i.e. 2015-16, 2016-17, and 2017-18. Those NBFCs whose net worth does not exceed or fall below INR 250 crores and 500 crores will be injected with their IND AS with no other choice but even 01 st April 2019.
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