Ind AS applicability

S.No Conditions Net worth = > Rs. 500 Cr Net worth < Rs. 500 Cr
a) Companies whose equity or debt securities are listed or are in the process of being listed in India or outside India Apply Accounting periods beginning on or after 1st April, 2016 with the comparatives for periods ending on 31st March, 2016, or thereafter Apply For Accounting periods beginning on or after 1st April, 2017 with the comparatives for periods ending on 31st March, 2017, or thereafter
b) Companies whose equity or debt securities are Not listed on any stock exchange in India or outside India Apply Accounting periods beginning on or after 1st April, 2016 with the comparatives for periods ending on 31st March, 2016, or thereafter Net worth => 250 Cr but < 500 Cr
Apply For Accounting periods beginning on or after 1st April, 2017 with the comparatives for periods ending on 31st March. 2017, or thereafter
c) Holding, Subsidiary, Joint Venture or assiciate companies of companies covered above
Exemptions:
1) Banking company.
2) Insurance company
3) NBFC
Important points to be noted:
*  IND AS shall be required to be complied with both stand alone & consolidated financial statements.
*  For the companies which are not in the existence as on 31 march2014 or does not meet above mentioned criteria on 31 march 2014 and thereafter falls in the threshold then the limit will be calculated on the basis of first audited financial statement after the date.
* Overseas subsidiary, joint venture, or associate of Indian company may prepare their standalone financial statements as per their special jurisdiction ,but the consolidated financial statement will be prepared via using IND AS[ if they are mandatorily or voluntarily meeting the criteria]
* Indian company which is a subsidiary, joint venture, or associate of any foreign company shall be required to prepare financial statements following IND AS [ if they are mandatorily or voluntarily meeting the criteria
* Any company opting to prepare financial statements using IND AS voluntarily shall be required to follow consistently.
* Once required to follow IND AS, will be irrevocable.

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