Current position / situation of applicability of Ind AS:-
- IND AS shall be applicable to all Indian companies or NBFC (whether listed or is in the process of being listed) whose net worth is more than or equal to INR 250 crores (in accordance with stand alone audited financial statement of the company) as on the last date of immediately previous financial year.
- Holding company, subsidiary company, joint venture or associate companies included above.
- There is no applicability of Ind AS on banking companies and insurance companies (even not on a voluntary basis).
- Any Indian company (other than banking company, insurance company or NBFC) can adopt IND AS on voluntary basis
- Once IND AS are applicable on any company then it is mandatory for the company to follow IND AS for all the subsequent financial statements. whether adopted voluntarily or mandatorily.
- There is no concept of exemption or relaxation in case of IND AS.
- The company on which IND AS are not applicable shall continue following companies (Accounting Standards) Rule, 2006