1. Second Edition to Guidance Note on Accounting for Rate Regulated Activities
The ICAI has finalized and published the Second Edition of the Guidance Note on Accounting for Rate Regulated Activities which clarifies the application of the principles contained in the Guidance Note in conjunction with the existing Accounting Standards and illustrates this aspect by including certain illustrative examples.
2. Indian accounting Standards(Ind ASs): Carve outs from IRFS and Comparison with the existing Accounting Standards
This publication contains various relevant topics, such as, roadmap released by the Ministry of Corporate Affairs (MCA), Carve-Outs from IFRS, major differences between Ind AS and Existing notified Accounting Standards, etc.
3. MCA in consultation with ICAI has finalized and notified 39 Indian Accounting Standards which shall be applicable as per the Roadmap issued by MCA(Refer 4 below).
4. The MCA in consultation with ICAI has issued the notification dated February 16, 2015, the roadmap for the applicability of Indian Accounting Standards on companies other than banks, NBFCs and Insurance Companies. As per the roadmap following class of companies are required to apply Indian Accounting Standards:
Phase I - 1st April 2015 or thereafter: Voluntary Basis for all companies (with Comparatives)
1st April 2016: Mandatory Basis
- Companies listed/in process of listing on Stock Exchanges in India or Outside India having net worth of Rs. 500 Crores or more.
- Unlisted Companies having net worth of Rs. 500 Crores or more.
- Parent, Subsidiary, Associate and Joint Venture of above
Phase II - 1st April 2017: Mandatory Basis
- All companies which are listed/or in process of listing inside or outside India on Stock Exchanges not covered in Phase I
- Unlisted companies having net worth of Rs. 250 Crores or more but less than Rs. 500 Crores.
- Parent, Subsidiary, Associate and Joint Venture of Above
- Companies listed on SME exchange not required to apply Ind AS
- Once Ind ASs are applicable, an entity shall be required to follow the Ind AS for all the subsequent financial statements consistently
- Companies not covered by the above roadmap shall continue to apply existing Accounting Standards notified in Companies (Accounting Standards) Rules, 2006
- Companies once required to comply with Ind AS, shall apply to both stand-alone financial statements and consolidated financial statements.