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Applicability of New Indian Accounting Standards Ind AS 2015 to Classes of Companies as Notified by MCA
Ministry of Corporate Affairs (MCA) has notified Companies (Indian Accounting Standards) Rules, 2015 prescribing the new Indian Accounting Standards (Ind AS) applicable to companies/classes of companies in contrast with applicability of the Accounting standards specified in Companies (Accounting Standards) Rules, 2006 .
The applicability of new Ind AS 2015 vis-à-vis AS 2006 has been defined in Rule 4 and is summaries as under: It is evident that unlisted companies having turnover less than 500 crores are not required to follow these new Ind AS. However, once the Indian Accounting Standards (Ind AS) are applied voluntarily, it shall be irrevocable , it has been categorically specified that once a company starts following the Indian Accounting Standards (Ind AS) either voluntarily or mandatorily on the basis of criteria specified, it shall be required to follow the Indian Accounting Standards (Ind AS) for all the subsequent financial statements even if any of the criteria specified does not subsequently apply to it.
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Relevant Accounting Periods |
Ind AS 2015 |
AS 2006 |
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(1) |
(2) |
(3) |
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For the financial statements for accounting periods beginning on or after 1 st April, 2015, with the comparative figures for the preceding accounting period for the periods ending on 31st March, 2015, or thereafter |
Any Company |
Any Company |
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For the accounting periods beginning on or after 1st April, 2016, with the comparative figures for the preceding accounting period for the periods ending on 31st March, 2016, or thereafter |
(a) Companies whose equity or debt securities are listed/ in the process of listing on any stock exchange (other than SME Exchange) in India/abroad and having net worth of rupees five hundred crore or more; Or; (b) Companies having net worth of rupees five hundred crore or more. Or; (c) Holding, subsidiary, joint venture or associate companies of companies as per clause (a) or (b) above. |
Other than those companies Specified in matching row to column (2) |
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For the accounting periods beginning on or after 1st April, 2017, with the comparative figures for the preceding accounting period for the periods ending on 31st March, 2017, or thereafter |
(a) Companies whose equity or debt securities are listed/are in the process of listing on any stock exchange (other than SME Exchange) in India/abroad and having net worth of less than rupees five hundred crore. Or; (b) Unlisted companies having net worth of rupees two hundred and fifty crore or more but less than rupees five hundred crore. Or; (c) Holding, subsidiary, joint venture or associate companies of companies as per clause (a) or (b) above. |
Other than those companies Specified in matching row to column (2) |
Download Companies (Indian Accounting Standards) Rules, 2015 Click Here >>
Download New Ind-AS 2015 Click Here >>
Download Companies (Accounting Standards) Rules, 2006 Click Here >>
Applicability of Indian Accounting Standards (Ind-AS) to Companies Financial Statements Accounting Periods Beginning 01-04-2015, 01-04-2016 or 01-04-2017 |20-02-2015 |
