still applicability of AS
Suraj Choudhary (4 Points)
15 September 2018
that co who doest cross the net worth limit for ind AS....old AS applicable for the or they can adopt ind as?
1 Replies
Rohit Tibrewal
(Student & Senior Accountant)
(3193 Points)
Replied 16 September 2018
Voluntary adoption
Companies can voluntarily choose to incorporate IND AS in their reports for accounting periods beginning on or after April 01, 2015. While reporting, such companies must include a comparative report for the periods ending 31 March 2015 or thereafter, where IND AS have been incorporated to present a comparative view. However, once a company has started reporting as per the IND AS, it cannot change to reporting as per previous laws.
Companies can voluntarily choose to incorporate IND AS in their reports for accounting periods beginning on or after April 01, 2015. While reporting, such companies must include a comparative report for the periods ending 31 March 2015 or thereafter, where IND AS have been incorporated to present a comparative view. However, once a company has started reporting as per the IND AS, it cannot change to reporting as per previous laws.
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