GET A QUOTE

Indian Accounting Standards

In exercise of the powers presented by section 133 scan with section 469 of the businesses Act, 2013 (18 of 2013) and sub-section (1) of section 210 A of the Companies Act, 1956 (1 of 1956), the Central Government, in consultation with the National consolatory Committee on Accounting Standards, herewith makes the subsequent rules, namely:-

Short title and commencement

These rules could also be known as the companies (Indian Accounting Standards) Rules, 2015. They shall inherit force on the first day of April, 2015.

Definitions

In these rules, unless the context otherwise needs,-

(a) “Accounting Standards” means that the standards of accounting, or any matter to it for corporations or category of corporations as per rule 3;

(b) “Act” means that the Companies Act, 2013 (18 of 2013);

(c) “Annexure” in relevancy these rules means that the Annexure containing the Indian Accounting Standards (Ind AS) appended to those rules;

(d) “Entity” means that a corporation as outlined in clause (20) of section a pair of of the Act;

(e) “Financial statements” means that monetary statements as outlined in clause (40) of section a pair of the Act;

(f) “Net worth” shall have means allotted to that in clause (57) of section a pair of of the Act.

(g) “Non-Banking monetary Company” means that a Non-Banking monetary Company as outlined in clause (f) of section 45-I of the depository financial institution of India Act, 1934 and includes Housing Finance corporations, merchandiser Banking corporations, small Finance corporations, Mutual profit corporations, working capital Fund corporations, Stock Broker or Sub- Broker corporations, Nidhi corporations, invoice corporations, Secularization and Reconstruction corporations, Mortgage Guarantee corporations, Pension Fund corporations, plus Management corporations and Core Investment corporations.]

Words and expressions used herein and not outlined within these rules however outlined within the Act shall have an equivalent which means severally allotted to them in the Act.

Applicability of Accounting Standards

The accounting standards as per the Annexure to those rules to be known as the Indian Accounting Standards (Ind AS) shall be the accounting standards applicable to categories of corporations per rule four. The Accounting standards as per Annexure to the Companies (Accounting Standards) Rules, 2006 shall be the Accounting Standards applicable to the businesses apart from the categories of companies per rule four.

A company that follows the Indian Accounting Standards (Ind AS) per Annexure to those rules accordance with the provisions of rule four shall follow such standards solely. a corporation that follows the accounting standards per Annexure to the Companies (Accounting Standards) Rules, 2006 shall fits such standards solely and not the Standards per Annexure to those rules.

Obligation to fits Indian Accounting Standards (Ind AS)

The Companies and their auditors shall fit the Indian Accounting Standards (Ind AS) per Annexure to those rules in preparation of their monetary statements and audit severally, within the following manner, namely:-

(i) Any company and its holding, subsidiary, venture or associate company] could fits the Indian Accounting Standards (Ind AS) for monetary statements for accounting periods starting on or once 1st April, 2015, with the comparatives for the periods ending on thirty first March, 2015, or thenceforth;

(ii) the subsequent corporations shall fits the Indian Accounting Standards (Ind AS) for the accounting periods starting on or once first April, 2016, with the comparatives for the periods ending on thirty first March, 2016, or thereafter, namely:-

(a) corporations whose equity or debt securities area unit listed or area unit within the method of being listed on any securities market in India or outside India and having internet value of rupees 5 hundred large integer or more;

(b) corporations apart from those coated by sub-clause (a) of clause (ii) of sub-rule (1) and having internet value of rupees 5 hundred large integer or more;

(c) Holding, subsidiary, venture or associate corporations of corporations coated by sub-clause (a) of clause (ii) of sub-rule (1) and sub-clause (b) of clause (ii) of sub- rule (1) because the case could be; and

 (iii) the subsequent company or corporations shall fits the Indian Account Standards (Ind AS) for the account periods starting on or once first April, 2017, with the comparatives for the periods ending on thirty first March, 2017, or thenceforth namely:-

(a) corporations whose equity or debt securities area unit listed or area unit within the method of being listed on any securities market in India or outside India and having internet value of but rupees 5 hundred crore;

(b) corporations apart from those coated in clause (ii) of sub-rule (1) and sub-clause (a) of clause (iii) of sub-rule (1), that is, unlisted corporations having internet value of rupees 200 and fifty large integer or a lot of however but rupees 5 hundred large integer.

(c) Holding, subsidiary, venture or associate companies of corporations coated beneath sub-clause (a) of clause (iii) of sub-rule (1) and sub-clause (b) of clause (iii) of sub-rule (1), because the case could be:

Provided that nothing during this sub-rule, except clause (i), shall apply to corporations whose securities area unit listed or area unit within the method of being listed on SME exchange as cited in Chapter XB or on the Institutional commercialism Platform while not initial public giving in accordance with the provisions of Chapter XC of the Securities and Exchange Board of India (Issue of Capital and revelation Requirements) rules, 2009.