Mandatory Applicability of IND AS on all companies from 1st April 2017 those fulfil any one following criteria:-
Note :- For Bank, NBFC and Insurance companies are out of above criteria.
Statement presented under IND AS
An entity’s first Ind AS financial statements shall include at least three Balance Sheet, two Statements of profit and loss, two Statements of cash flows and two Statements of changes in equity and related notes, including comparative information for all statements presented.
Consequences of non-compliance of IND AS
In pursuance of Section 134 (5) of the companies Act, 2013 the directors have to be confirmed and ensure that the compliance of all applicable laws have been fulfilled. In pursuance of section 134 (8) if a company contravenes the provisions of this section, the company shall be punishable with fine which shall not be less than fifty thousand rupees but which may extend to twenty-five lakh rupees and every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to three years or with fine which shall not be less than fifty thousand rupees but which may extend to five lakh rupees, or with both.