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Applicability of IFRS in India

Bhartendu (Consultant) (24 Points)

17 September 2009

Hi,

Is IFRS going to be applicable to 'Private Limited Companies' also in India ?

I have read that IFRS in India would cover the following public interest entities:

1. Listed companies
2. Banks, insurance companies, mutual funds, and financial institutions
3. Turnover in preceding year > INR 1 billion
4. Borrowing in preceding year > INR 250 million
5. Holding or subsidiary of the above

It does't specifically mention anything about a Private Limited Company (which is not a holding or subsidiary of any other company).

Could you please advice ?

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6 Replies

CA. Amit Daga (Finance Controller CA. CS. CFA. CIFRS. M.COM. ) (9017 Points)
Replied 06 October 2009

it will but in the phase manner

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Anshika ( CA -Industry- Sr.Accounts Officier) (141 Points)
Replied 21 December 2009

yes

C.A Rohit Gambhir (C.A) (275 Points)
Replied 22 December 2009

IFRS on SME's would applyfo such entities

Pallav Maheshwari (C.A) (49 Points)
Replied 12 March 2012

Hii friends, i want to know about, Is IFRS in syllabus for may 2014 Exam??

Ryan Gale (Employee) (60 Points)
Replied 11 July 2012

As per press release of Mini.of corporate affairs 
the foll companies need to follow IFRS from 
01.04.2011,01.04.2013 and 01.04.2014

Phase I

Convergence of opening Balance Sheet as on 1st April 2011 by

-Companies which are part of NSE or BSE.

-Companies which are listed on stock exchange outside India.

-Companies whether listed or not – having a NET WORTH more than 1000 crore.


Phase II

Convergence of opening Balance Sheet as on 1st April 2013 by

-Companies whether listed or not – Having NET WORTH more than 500 crore but not exceeding 1000 Crore.

Phase II

Convergence of opening Balance Sheet as on 1st April 2013 by

-Listed companies – Having NET WORTH 500 crore or less.

2 Converges in respect of Banking Companies

April 1, 2013
All scheduled commercial banks and those urban co-operative banks which have a NET WORTH
in excess of Rs. 300 crore.
April 1, 2014
Urban co-operative banks which have a net worth in excess of Rs. 200 crore but not exceeding
Rs. 300 crore
3 Converges in respect of NBFCs

April 1, 2013
Companies which are part of NSE or BSE
Companies whether listed or not – having a NET WORTH more than 1000 crore.
April 1, 2014
All listed NBFCs and those unlisted NBFCs which do not fall in the above categories and which
have a net worth in excess of Rs. 500 crore
4 Converges in respect of Insurance Companies

All insurance companies will convert their opening balance sheet as at April 1, 2012 in compliance with the converged Accounting Standards.

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