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Proposed New Roadmap for Implementation of Indian Accounting Standards (Ind AS)
April, 11th 2014
Proposed New Roadmap for Implementation of Ind AS converged with IFRS


 For convergence of Indian Accounting Standards with International Financial Reporting
 Standards (IFRSs), a Press Release (No.2/2010) laying down roadmap for application of
 converged Indian Accounting Standards (Ind AS) by companies (other than Banking
 companies, Insurance companies and Non-Banking Finance Companies) was issued on
 22nd January, 2010. Further, a Press Release (No.3/2010) related to the roadmap for the
 application of the converged Indian Accounting Standards (Ind AS) by the Banking
 Companies, Insurance companies and Non- Banking Finance Companies was issued on
 31st March, 2010. Subsequently, in response to the requests seeking clarifications on the
 roadmaps, a Press Release (No. 4/2010) containing a consolidated statement on
 clarification of roadmap was issued on May 04, 2010. However, the Ind AS placed on
 the website of the MCA could not be implemented due to various reasons from 1st April,
 2011 as per the aforesaid roadmaps issued.




 A revised roadmap for implementation of Indian Accounting Standards (Ind AS)
 finalised by the Council of the ICAI, at its last meeting, held on March 20-22, 2014, as
 follows, has been submitted to the Ministry of Corporate Affairs for its consideration:

1.   As stated in earlier roadmaps for achieving convergence, there shall be two separate
     sets of Accounting Standards notified under the Companies Act, 1956. First set
     would comprise the Indian Accounting Standards (Ind AS) converged with the
     IFRSs which shall be applicable for preparation of consolidated financial statements
     as defined in the Companies Act, 2013, of the specified class of companies. The
     second set would comprise the existing notified Accounting Standards (AS) and
     shall be applicable for preparation of individual financial statements of the
     companies preparing consolidated financial statements as per Ind AS and for
     financial statements of other companies.

2.   The first set of Accounting Standards i.e. converged Indian Accounting Standards
     (Ind AS) shall be applied to the following specified class of companies for preparing
     their first Indian Accounting Standards (Ind AS) consolidated financial statements
     for the accounting period beginning on or after April 1, 2016, with comparatives for
     the year ending 31st March 2016 or thereafter:

     (a)    Whose equity and/or debt securities are listed or are in the process of listing
            on any stock exchange in India or outside India; or

     (b)    Companies other than those covered in (a) above, having net worth of Rs.
            500 crore or more

     (c)    Holding, subsidiary, joint venture or associate companies of companies
            covered under (a) or (b) above.
3. Companies to which Indian Accounting Standards (Ind AS) are applicable shall
   prepare their first set of consolidated financial statements in accordance with the
   Indian Accounting Standards (Ind AS) effective at the end of its first Ind AS
   reporting period unless otherwise specified, i.e., companies preparing consolidated
   financial statements for the accounting period beginning on or after April 1, 2016
   shall be required to apply the Ind AS effective for financial year ending on 31st
   March 2017.




4.    Calculation of net worth

      For the purpose of calculation of qualifying net worth of companies, the following
       rules shall apply:
     (a) The net worth shall be calculated as per the stand alone audited balance sheet of
          the company falling under any of the categories covered under 2 above as at 31st
          March 2014 or the first balance sheet for accounting periods which end after that
          date.
     (b) The net worth shall be calculated as the paid-up Share Capital plus Reserves and
          Surplus less Revaluation Reserve.
     (c) For companies which are not in existence on 31st March 2014 or an existing
          company meets the criteria for the first time after 31st March, 2014, the net worth
          shall be calculated on the basis of the first balance sheet ending after that date.

5.    Voluntary Adoption

      (a) Companies not mandatorily required to follow Indian Accounting Standards (Ind
          AS) shall have the option to apply the Indian Accounting Standards (Ind AS)
          voluntarily for their consolidated financial statements provided they prepare
          consolidated financial statements under the Indian Accounting Standards (Ind
          AS) consistently thereafter.

      (b) The option to apply the Indian Accounting Standards (Ind AS) voluntarily, once
          exercised,    therefore, shall be irrevocable. Such companies would not be
          required to prepare another consolidated financial statements in accordance with
          existing Accounting Standards (AS).




6. Discontinuing use of the first set of Accounting Standards (i.e. the Indian
   Accounting Standards)
    Once a company starts following the first set of Accounting Standards for
    consolidated financial statements, i.e., the Indian Accounting Standards (Ind AS) on
    the basis of the eligibility criteria, it shall be required to follow such Accounting
    standards for all the subsequent Consolidated Financial Statements even if any of the
    eligibility criteria does not subsequently apply to it.
7. The roadmap for banks, NBFCs and Insurance Companies will be decided in
   consultation with RBI and IRDA.

 
 
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