With the beginning of the Financial Year 2017-18, Phase 2 of #IndAS implementation kicks off. Lets check out if your company is covered under phase 2. Following class of companies are required to present their Financial Statements complying with #IndAS for the financial year ended 31st March, 2018 along with comparatives of the financial year ended 31st March,2017 (1) All the listed companies or Companies in the process of listing on stock exchanges. (here SME stock exchange listing is not covered, Companies listed on SME stock exchange are not required to implement #IndAS and can choose to implement Voluntarily) (2) Unlisted Companies having networth in the range of Rs. 250 crores to Rs. 500 crores. (Companies having networth of more than Rs. 500 crores were covered in Phase 1 of the #IndAS Implementation roadmap) (3) Any Holding, Subsidiary, Associate or Joint Venture company of the companies covered under (1) & (2) above. If your company fits in any of the above crite
For the year ended 31 st March, 2017 Companies prescribed in Phase 1 of #IndAS implementation Roadmap will be producing the 1 st set of Financial Statement under IndAS. For the purpose of preparation and presentation, companies are required to comply with the following list of #IndAS and Framework. 1) Framework for the Preparation and Presentation of Financial Statements in accordance with Indian Accounting Standards 2) IndAS 101 First-time Adoption of Indian Accounting Standards 3) IndAS 102 Share based Payment 4) IndAS 103 Business Combinations 5) IndAS 104 Insurance Contracts 6) IndAS 105 Non-current Assets Held for Sale and Discontinued Operations 7) IndAS 106 Exploration for and Evaluation of Mineral Resources 8) IndAS 107 Financial Instruments: Disclosures 9) IndAS 108 Operating Segments 10) IndAS 109 Financial Instruments 11) IndAS 110 Consolidated Financial Statements 12) IndAS 111 Joint Arrangements 13) IndAS 112 Discl