IFRS APPLICABILITY FOR COMPANIES

Tehsinkhan Pathan (CA CMA DISA(ICAI) B.COM)   (3956 Points)

16 February 2011  

Insurance companies

 

Phase Date Which companies?
Phase 1 Opening balance sheet as at 1 April 2012 All insurance companies

Banking companies

 

Phase Date Which companies?
Phase 1 Opening balance sheet as at 1 April 2013
  • All scheduled commercial banks
  • All urban co-operative banks (UCBs) with a net worth** in excess of Rs 300 crores
Phase 2 Opening balance sheet as at 1 April 2014 UCBs having net worth** exceeding Rs 200 crores but not exceeding Rs 300 crores
** The date for determination of the criteria is the balance sheet as at 31 March 2011 or the first balance sheet prepared thereafter when the accounting year ends on another date.
Note: Urban co-operative banks which have a net worth not exceeding Rs 200 crores and Regional Rural Banks will not be required to apply converged Indian Accounting Standards, but may voluntarily opt to do so.

Non-banking financial companies (NBFCs)

 

Phase Date Which companies?
Phase 1 Opening balance sheet as at 1 April 2013*
  • Companies that are part of NSE Index - Nifty 50
  • Companies that are part of BSE Sens*x - BSE 30
  • Companies, whether listed or not, having net worth** of more than Rs 1,000 crores
Phase 2 Opening balance sheet as at 1 April 2014* All listed NBFCs and unlisted NBFCs not falling into the above category which have a net worth** in excess of RS 500 crores
* If the financial year of a company commences at a date other than 1 April, then it shall prepare its opening balance sheet at the commencement of immediately following financial year.
** The date for determination of the criteria is the balance sheet as at 31 March 2011 or the first balance sheet prepared thereafter when the accounting year ends on another date.
Note: Unlisted NBFCs which have a net worth of 500 crores or less will not be required to apply converged Indian Accounting Standards, but may voluntarily opt to do so.

Other companies

 

Phase Date Which Companies?
Phase 1 Opening balance sheet as at 1 April 2011*
  • Companies that are part of NSE Index - Nifty 50
  • Companies that are part of BSE Sens*x - BSE 30
  • Companies whose shares or other securities are listed on a stock exchange outside India
  • Companies, whether listed or not, having net worth** of more than Rs 1,000 crore (1 crore = 10 million. Rs 1,000 crore = US$ 212,000,000)
Phase 2 Opening balance sheet as at 1 April 2013* Companies not covered in phase 1 and having net worth** exceeding Rs 500 crore
Phase 3 Opening balance sheet as at 1 April 2014* Listed companies not covered in the earlier phases (ie net worth** Rs 500 crore or less)
* If the financial year of a company commences at a date other than 1 April, then it shall prepare its opening balance sheet at the commencement of immediately following financial year.
** The date for determination of the criteria is the balance sheet as at 31 March 2009 or the first balance sheet prepared thereafter when the accounting year ends on another date.