The government yesterday announced a schedule for companies to switch to the new accounting standards. " We will notify the new accounting standards in a few weeks," a senior government official said
This schedule does not apply to banks, insurance companies and non- banking finance companies ( NBFCs
The standards may apply to standalone as well as consolidated accounts
The schedule covers related entities like holding, subsidiary, joint venture and associate companies
.The main objective of IFRS is to provide a global framework for how public companies prepare and disclose their accounts.
The Government is planning to introduce new accounting norms for the following companies
Road map for new accounting norms
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| Thareshold | First period of reporting | Comparative information |
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| All companies with networth of ~500 crore or more ( whether listed or unlisted)* | Financial year beginning on or after April 1, 2016 | Opening balance sheet as on or after April 1, 2015 and financial year ending on or after March 31, 2016
|
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| Other companies whose equity and/ or debt securities are listed or are in the process of being listed on any stock exchange in India or outside India ( companies with less than ~ 500- crore networth)* | Financial year beginning on or after April 1, 2017 | Opening balance sheet as on or after April 1, 2016 and financial year ending on or after March 31, 2017 |
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| Unlisted companies having networth of ~ 250 crore or more but less than ~500 crore* | * Financial year beginning on or after April 1, 2017 | Opening balance sheet as on or after April 1, 2016 and financial year ending on or after March 31, 2017
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Practising Company Secretary
Chennai
Mobile 93810 11200
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