New Delhi : Revising its earlier road map, ICAI has recommended that companies, having net worth of over Rs 500 crore, implement new accounting standards that converge with global norms from April 1, 2016.
The Institute of Chartered Accountants of India (ICAI), the country’s apex accounting watchdog, today said the revised schedule would provide companies “ample time” to comply with standards that converge with IFRS norms.
The norms converged with the International Financial Reporting Standards (IFRS) are referred to as Ind AS (Indian Accounting Standards).
As per the new road map, Ind AS is to be implemented for preparing consolidated financial statements of listed and unlisted companies starting from April 1, 2016.
It would be applicable for entities with more than Rs 500 crore net worth from the accounting year starting on or after April 1, 2016, with previous year comparatives in Ind AS for the year 2015-16, reports PTI.