Thursday, May 15, 2014

Proposed New Roadmap for Implementation of Ind AS converged with IFRS

As stated in earlier road maps for achieving convergence, there shall be two separate sets of Accounting Standards notified under the Companies Act, 1956. First set would comprise the Indian Accounting Standards (Ind AS) converged with the IFRSs which shall be applicable for preparation of consolidated financial statements as defined in the Companies Act, 2013, of the specified class of companies (listed companies or companies having net worth of `500 crores or more) for the accounting period beginning on or after April 1, 2016, with comparatives for the year ending 31st March 2016 or thereafter. The second set would comprise the existing notified Accounting Standards (AS) and shall be applicable for preparation of individual financial statements of the companies preparing consolidated financial statements as per Ind AS and for financial statements of other companies. Companies not mandatory required to follow Indian Accounting Standards (Ind AS) shall have the option to apply the Indian Accounting Standards (Ind AS) voluntarily for their consolidated financial statements. The option shall be irrevocable.

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