If an Indian Unlisted Company's net worth reaches to Rs.250 Crs during the financial year 16-17, please explain applicability of IND AS?
NAVEEN KUMAR ANDHAVARAPU (FINANCE) (96 Points)
21 August 2016If an Indian Unlisted Company's net worth reaches to Rs.250 Crs during the financial year 16-17, please explain applicability of IND AS?
CA Tanvi Sheth
(Consultant)
(232 Points)
Replied 28 September 2016
As per Rule-4 of the Companies( Indian Accounting Standard ) Rules,2015, if your Net Worth reaches INR 250crore or above in 2016-17, then you need to comply with Ind AS from 1st April, 2017.
Please refer Explanation to Rule-4.
Amit Ashok Chawla
(Corporate Trainer)
(383 Points)
Replied 27 October 2016
https://www.youtube.com/watch?v=rldGAPUm5As
You may refer to the link above to also understand the date of transition for Phase II companies. It is the net worth, and not the criteria of listed / unlisted that is applicable in Phase II.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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