- CA Anirudh Bhardwaj
- | Company Law - Articles
- 03 Nov 2018
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Mandatory Applicability of IND AS on all companies from 1st April 2017 those fulfil any one following criteria:-
- Companies whose equity or debt securities are listed or are in the process of being listed on any stock exchange in India or outside India;
- Unlisted companies having net worth of Rs. 250 crore or more; and
- Holding, subsidiary, joint venture or associate companies of companies covered in point (1) and (2) above.
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.
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Is Ind-AS applicable to unlisted companies/ NBFC with negative networth?
Yes , all listed entity shall be covered under IND AS compliance
Is IND AS applicable on Section 8 company having charitable objects??
no
Please explain what is net worth with example
The definition of “net worth” is as per section 2(57) of the Companies Act, 2013. As per that section, net worth means the paid-up share capital + reserves created out of the profits (excludes reserves created out of
revaluation of assets, write-back of depreciation and amalgamation) + securities premium account –
accumulated losses – deferred expenditure – miscellaneous expenditure not written off as per the audited
balance sheet.