1 January 2018. Ind AS Applicability – Complete details for quick reference. Applicability of Ind AS 115 is postponed NACAS is a body that advises the government on the formulation and laying down of the accounting policy and standards for adoption by companies. To reflect that transaction may not be at arm’s length price. 1. And that of Insurance Companies by two years and is from 1. These standards adopted were made mandatory for certain companies. II. The name of the transacting related party; 2. In other words, the companies meeting the above threshold for the first time as on 31st March, 2017 shall apply Ind AS for the financial year 2017-18 onwards. For certain companies, the application of specified standards was made mandatory. IND AS 17 vs AS – 19 Following are the GAAP differences between AS – 19 and IND AS 17. 3. 1st April 2018 Banks, NBFC, Insurance companies shall adopt IND AS from 1st April 2018. Key management personnel and his relatives; and, 6. 2. Volume of the transactions either as an amount or a part thereof; 5. File Your Income Tax Return The new standard replaces existing revenue recognition standards Ind AS 11, Construction Contracts. I have gone through the notification and would like to share with you the basic points of notification i.e. IND AS shall be adopted by specific classes of companies based on their Net worth and listing status. Yes, it's as easy as it sounds. Applicability of IND AS. All listed Companies Listed on stock exchange in India or a similar exchange outside India. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. 250 crores, Bank, Insurance Companies# and NBFCs and their Holding Company, Subsidiary, a Joint venture or Associate companies, NBFCs and their Holding Company, Subsidiary, a Joint venture or Associate companies. An overseas subsidiary, associate, joint venture, and other similar entity of an Indian company may prepare Ind AS 17 Leases: 19. Therefore, Ind AS will first apply to all companies (Listed or Unlisted) having net worth of ₹500 crore or more for the accounting periods beginning on or after 1st April, 2016. Now, the implementation of Ind AS for Banks as deferred by RBI by one year and is from 1st April 2019. On February 16, 2015, the Ministry of Corporate Affairs (MCA), notified the converged form of IFRS as the Companies (Indian Accounting Standards) Rules, 2015 to maintain the uniformity and harmonization in Financial Statements and Reports. Leave it to our expert CAs who'll talk to you, understand your case, will prepare your return, get it reviewed by you and will file your return. Topic AS – 19 IND AS – 17 1 Matters contained Leases – Operating, Finance, Sale & Lease back Transactions 1. MCA has notified a phase-wise convergence to IND AS from current accounting standards. Accordingly, A Ltd has the ability to control C Ltd, indirectly via the share ownership in B Ltd apart from its individual shareholding in C Ltd. © 2020 ‐ Defmacro Software Pvt. Apart from AS-19 contents Let’s see the each of the phases in detail below: ... (2015-16, 2016-17, and 2017-18… 1st April 2018 as notified by IRDA. Rule 3 on Applicability of Ind AS (1) The accounting standards as specified in the Annexure to these rules to be called the Indian Accounting Standards (Ind AS) shall be the accounting standards applicable to classes of companies specified in rule 4. 500 crores; NBFCs, which are not listed, but have the net worth of more than Rs. The objective of IND AS is to ensure that the financial statements and reports of an organization are uniform and to make the same user accessible and transparent. They shall come into force on the 1st day of April, 2015. Reserve Bank of India (RBI) has deferred applicability of Ind AS on commercial banks (except regional rural banks) by one year. Transactions between a reporting enterprise and its related parties, Exercise significant influence over the other party in making financial and/or operating decisions. Ind AS applicability. Phase III: Financial Reporting Year 2017-18 . As per AS 18, Related party means “at any time during the year, one party has an ability to: 1. the transaction occurs between two unrelated parties and is not affected by any relationship. As per AS 18, Related party means “at any time during the year, one party has an ability to: 1. Ind AS 16 Property, Plant and Equipment: 18. and revised guidance note of the Institute of Chartered Accountants of India (ICAI) on Accounting for Real Estate Transactions for Ind AS entities issued in 2016. Ind AS were applicable on banking companies from April 01, 2018. However, once a company opts to follow Ind AS to report financial statements, it will have to follow Ind AS for all the subsequent Financial Statements as well. Ind AS 11 Construction Contracts: 16. The reporting enterprise should disclose the following: 1. Apply for new PAN Card, Change/Correction in the existing PAN Card, Duplicate PAN Card or reprint of your PAN Card, Apply for NRI PAN Card with help of CA anytime, anywhere Apply for PAN Card. ... 2017 shall apply Ind AS for the financial year 2017-18 onwards. The ASB (Accounting Standards Board), is the regulatory body supervising IND AS. 1 January 2018. Holding companies, subsidiaries and fellow subsidiaries; 2. About the publication 1. The Ind AS shall be applicable to the companies as follows: As notified by MCA as on 16/02/15 in Companies (Indian Accounting Standards) Rules, 2015. and Ind AS 18, Revenue. ClearTax is a product by Defmacro Software Pvt. 1. Related party relationships of State-controlled enterprises with other state-controlled enterprises. Indian Accounting Standards (AS) can be understood as standards for the IFRS (International Financial Reporting Standards) to ensure that Indian Companies are accessible globally. 1st April 2018. The regulatory board is the AS… Net worth should be calculated as provided under section 2(57) of Companies Act, 2013 which states: Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. File Income tax returns for free in 7 minutes, Get expert help for tax filing or starting your business, Curated Mutual Funds & plans for tax savings, Complete solution for all your e-invoicing needs, I-T, e-TDS & Audit Software for CAs & Tax Professionals, Employee health plan, incl. Phase III: Applicability w.e.f. And that of Insurance Companies by two years and is from 1st April 2020. to the applicability of Ind AS and its implementation. ... (18 of 2013) and sub-section (1) of section 210A of the Companies Act, 1956 (1 of 1956), the Central Government, in consultation with the National Advisory. Ownership, direct or indirect, of more than 50% of the voting power of an enterprise, 2. 500 crores, The implementation date for Banks and Insurance Companies had been deferred by their regulatory authorities. 250 crores, Holding Company, Subsidiary, a Joint venture or Associate companies of companies fulfilling the above conditions, Bank, Insurance companies and Non-Banking Financial Corporation (NBFCs) having a net worth of more than or equal to Rs. Applicability of Ind AS for NBFC-Bulletin 15 7 (ITFG Clarification Bulletin 15, Issue 5) (Date of finalisation: April 04, 2018) Issue 18: The Company is a registered stock-broker recognised by the SEBI. COVID-19 cover with monthly payments. 50% + 25%) in C Ltd. A Ltd has indirect control over it. Ltd. It is currently headed by Amarjit Chopra, who was earlier the President of the ICAI or the Institute of Chartered Accountants of India. ClearTax can also help you in getting your business registered for Goods & Services Tax Law. Banks & Insurance Companies shall adopt a separate set of IND AS w.e.f. 500 crores  > Net Worth ≥ Rs. MCA has notified a phase-wise process of applicability of IND AS from current accounting standards. Substantial interest in voting power and the power to direct the financial and/or operating policies of the enterprise. 3. IND AS ROADMAP. the Indian Accounting Standards (referred to as Ind AS or Standards in the guide) prescribed under section 133 of the ... Applicability and accounting principles of Indian Accounting Standards (Ind AS) 06 ... 2017-18 Unlisted companies whose net worth is equal to or greater than 250 crore INR Before the introduction of IND AS, India’s accounting system is based on Indian Generally Acceptable Accounting Principle (IGAAP). Get below the complete understanding of the applicability pronounced at different intervals. As per companies accounting standard rules 2006, AS 18 is applicable for all the companies, Which is in contradiction of AS 18. Note Know the phases wise applicability of Inidan Accounting Standards (Ind AS) for the FY 2016-17, FY 2017-18, FY 2018-19, and FY 2019-20 and related details Ind AS 2 Inventories: 12. All you want to know about HDFC Saving Account, All you want to know about State Bank of India Saving Account, Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana, Everything you want to know about Savings Account. Other Issues of Applicability. Indian Accounting Standards(Ind AS) 10 (274KB) Indian Accounting Standards(Ind AS) 11 (1190KB) Indian Accounting Standards(Ind AS) 12 (1914KB) Indian Accounting Standards(Ind AS) 16 (458KB) Indian Accounting Standards(Ind AS) 17 (622KB) Indian Accounting Standards(Ind AS) 18 (469KB) Indian Accounting Standards(Ind AS) 19 (1694KB) Ltd. ClearTax offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. applicability of Ind As. Apply for PAN Card To reflect that transaction may not be at arm’s length price: Without related party disclosures, there is a general presumption that transactions reflected in the financial statements are on an arm’s length basis i.e. Companies which are listed or in the process of getting its equity or debt listed in any stock exchanges in or outside India; Companies, not listed under any stock exchange, but having a net worth of not less than Rs. A description of the relationship between the parties; 3. : Related party transactions needs to be disclosed as sometimes, transactions would not have taken place if the related party relationship had not existed. 3. IND AS shall be adopted by specific classes of companies based on their Net worth and listing status. Further, in this blog, we are going to understand its applicability on various types of companies. Outstanding amount from related parties at the balance sheet date; 7. Till date, ITFG has issued 18 bulletins covering implementation issues on various Ind AS such as, consolidation, financial instruments, business combinations, income taxes, etc. : Without related party disclosures, there is a general presumption that transactions reflected in the financial statements are on an arm’s length basis i.e. Applicability of Accounting Standards. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. Case Study 2: A Ltd holds 75% of voting power of B Ltd and B Ltd owns 50% voting interest in C Ltd. Further, A Ltd also holds 25% of the voting interest in C Ltd. Would A Ltd deemed to have control over C Ltd or would it only be considered as exercising significant influence? It is supervised by the Accounting Standards Board {ASB}. ClearTax serves 2.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India. On 16 February 2015, the Ministry of Corporate Affairs (MCA) notified the Companies (Indian Accounting Standards) Rules, 2015 (the ‘Rules’) (pending publication in the Gazette of India). Now, the implementation of Ind AS for Banks as deferred by RBI by one year and is from 1, April 2019. From 1 April 2016, Indian Accounting Standards (Ind AS), converged with International Financial Reporting Standards (IFRS) is new accounting norm for listed and unlisted companies with net worth in excess of Rs. Associates and joint ventures of the reporting enterprise; 3. Ind As will also apply mandatorily to holding , subsidiary, joint venture or associated companies of the companies mentioned above. Phase 4 will me made effective from the financial year 2019-20 on. Individuals owing direct or indirect interest in the voting power of the reporting enterprise that gives them control or significant influence over the enterprise, and relatives of any such individual; 5. 1. The requirements of this Standard apply to the financial statements of each reporting enterprise as also to consolidated financial statements presented by a holding company. Irrespective of the transition approach elected, the ‘date of initial application’ is the start of the reporting period in which an entity first applies Ind AS 115 (i.e. Till date, ITFG has issued 18 bulletins covering implementation issues on various Ind AS such as, consolidation, financial instruments, business combinations, income taxes, etc. Check your Refund Status now. Requirement of statutes: The statutes governing an enterprise often require disclosure of related party transactions in the financial statements. Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors: 14. Indian Accounting Standards (Ind As) As we all know that as per Notification of Ministry of Corporate Affairs on 16th February2015 Ind As has came into force. Accordingly, Ind AS for Banking companies would be applicable from April 01, 2019 (instead of April 01, 2018). 2. 2. Companies, whether listed or unlisted, having the net worth of more than or equal to Rs. Indian Accounting Standards (IndAS) can be considered as guiding principle or standards for the International Financial Reporting Standards (IFRS) to ascertain that Indian Companies have same understandability and accessibility globally. Holding Company, Subsidiary, a Joint venture or Associate companies of above, Rs. Applicability to standalone/consolidated financial statements Once the Ind AS are required to be complied with, they will apply to both standalone financial statements and consolidated financial statements. The 'applicability' paragraph of AS 17 stands modified … 1 April 2018 for entities with years ending 31 March 2019). Let’s see the each of the phases in detail below: The net worth of the Company as on 31st March 2015 is INR 500 crores. File ITR with expert CAs. Check Refund Status. Control* the other party 2. Upload Form 16 Just upload the Form 16 received from your employer and we'll do the rest. Your Statutory Auditor is correct in saying that AS 18 is applicable. He is the co-founder & CEO of Tax2Win.in. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments. Any elements of the related party transactions which is necessary for an understanding of the financial statements; 6. Still waiting for that Refund? Indian Accounting Standard (abbreviated as Ind-AS) is the Accounting standard adopted by companies in India and issued under the supervision of Accounting Standards Board (ASB) which was constituted as a body in the year 1977. The preparers, users and other stakeholders have raised a number of issues to ITFG. Enterprises who have statutory requirement of confidentiality, 3. # Note: The implementation date for Banks and Insurance Companies had been deferred by their regulatory authorities. Investors in respect of which reporting enterprise is an associate or a joint venture; 4. Applicability Companies which are not required to follow Ind AS shall continue to comply with Accounting Standards (‘AS’) as prescribed in Companies (Accounting Standards) Rules, 2006. Effect on Financial position and operating results, : The operating results and financial position of an enterprise may be affected by a related party relationship even if related party transactions do not occur. In case of company – control of the composition of the board of directors In case of any other enterprise – control of the composition of the corresponding governing body 3. It uses the term “relatives of an individual”, It uses the term “a close member of that person’s family”, Definition of State controlled enterprises, It is an enterprise which is under the control of the Central Government and/or any State Government(s), There is an extended coverage of Government Enterprises, as it defines a government-related entity as an entity that is controlled, jointly controlled or significantly influenced by a government, Coverage of Key Management Personnel in Related party relationships, Existing AS 18 covers key management personnel of the entity only, Ind AS 24 covers key management person of the parent as well, Coverage of entities that are post employment benefit plans as Related parties, Existing AS 18 does not specifically covered entities that are post employment benefit plans, as related parties, Ind AS 24 specifically includes post employment benefit plans for the benefit of employees of an entity or its related entity as related parties, Disclosure of information by Government related entities, Existing AS 18 presently exempts the disclosure of such information, Ind AS 24 requires disclosures of certain information by the government related entities, Existing AS 18 gives an option to disclose the “Volume of the transactions either as an amount or as an appropriate proportion”, Ind AS 24 requires “the amount of the transactions” need to be disclosed, Indian Accounting Standard 11 – Construction Contracts, Indian AS 101 – First time adoption of Indian Accounting standards, This page is best viewed in Chrome, Firefox or IE 11. The main objective is to ensure uniformity in financial statements and reports and to make the same user-accessible and transparent. NBFCs which are listed or in the process of getting its equity or debt listed in any stock exchanges in or outside India and having a net worth of more than Rs. Amounts written off or written back of debts due from or to related parties. Check Refund Status A company can voluntarily choose to follow Ind AS without meeting the mandatory requirement under the law (from financial year beginning on or after April 01, 2015). The following Companies mandatorily need to comply with the IND AS: 1. A description of the nature of transactions; 4. Companies listed/in process of listing on Stock Exchange in India or outside India having net worth greater than or equal to INR 5 Billion. (Ind AS 11, Construction Contracts and Ind AS 18, Revenue). 500 crore (for any of the below mentioned periods). Further, as A Ltd and B Ltd together are majority shareholders (i.e. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. Ind AS 12 Income Taxes: 17. Applicability of IND AS. Notifications Description: G.S.R 111(E) dated 16 Feb 2015 : The Companies (Indian Accounting Standards) Rules, 2015. Ownership, direct or indirect, of more than 50% of the voting power of an enterprise, 2. As per some estimates, approximately This standard establishes requirements for the disclosure of: b)   Transactions between a reporting enterprise and its related parties. Ind-AS • As per IND AS 18, only gross inflowsof economic benefits received by the Company on it’s own account. The mere existence of the relationship may be sufficient to affect the transactions of the reporting enterprise with other parties. Indian Accounting Standards or IND-AS is an Accounting standard that is applicable to be adopted by companies based on the prescribed net owned funds or other factors. A Ltd holds 75% of voting power of B Ltd and B Ltd owns 50% voting interest in C Ltd. Further, A Ltd also holds 25% of the voting interest in C Ltd. Would A Ltd deemed to have control over C Ltd or would it only be considered as exercising significant influence? Provisions for doubtful debts due from related parties at the balance sheet date; and. For Companies other than banks, NBFC, and Insurance companies: PHASE-1: 1 st April,2015 or thereafter – Voluntary Basis for all companies (with comparatives): 1 st April,2016 – Mandatory Basis . CAs, experts and businesses can get GST ready with ClearTax GST software & certification course. As A Ltd is a majority shareholder B Ltd, therefore, it has control over it. Efiling Income Tax Returns(ITR) is made easy with ClearTax platform. Download ClearTax App to file returns from your mobile phone. Save taxes with ClearTax by investing in tax saving mutual funds (ELSS) online. With few simple clicks, you yourself can file your income tax return free of cost with us.File Income Tax Return Now. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing. Solution: Disclosure required as per AS 18. 2. About the publication The publication is designed to provide a brief overview of the Ind AS and highlights the key differences from the respective IFRS. I. NBFC: NBFC whose Net Worth is more than or equal to INR 500 crores shall apply IND AS w.e.f. Substantial interes… 500 crores (phase I). – (1) The accounting standards as specified in the Annexure to these rules to be called the Indian Accounting Standards (Ind AS) ... 2017 shall apply Ind AS for the financial year 2017-18 onwards. 8. Companies which are in process of Listing in India or outside India with a Net Worth of Rs. Ind AS 7 Statement of Cash Flows: 13. the transaction occurs between two unrelated parties and is not affected by any relationship. The following are examples of the related party transactions in respect of which disclosures may be made by a reporting enterprise: a) Purchases or sales of goods (finished or unfinished); e) Leasing or hire purchase arrangements; h) Finance (including loans and equity contributions in cash or in kind); j) Management contracts including for deputation of employees. Mandatory applicability of IND AS to all companies from 1st April 2017, provided: It is a listed company or is in the process of being listed (as on 31.03.2016) Its Net worth is greater than or equal to Rs. Modifications in AS 17, Segment Reporting. Once the company adopts Ind-As ,either voluntarily or mandatorily, it has to apply Ind-AS for ever, regardless of reduction of net worth. Obligation to comply with Indian Accounting Standards (Ind AS). 250 Crores or more. Recording of all possible transactions: Related party transactions needs to be disclosed as sometimes, transactions would not have taken place if the related party relationship had not existed. Enterprises over which any person, who is a key management personnel or has direct and indirect interest in voting power, can exercise significant influence. Effect on Financial position and operating results: The operating results and financial position of an enterprise may be affected by a related party relationship even if related party transactions do not occur. Indian Accounting Standards. Financial year 2016-17 has been a year of monumental change in the financial reporting landscape in India. In case of company – control of the composition of the board of directors, In case of any other enterprise – control of the composition of the corresponding governing body, 3. Having doubts? The Ind AS by the provisions of the law is made compulsory for a certain set of organizations satisfying the eligibility criteria. 250 crore but less than Rs. AS 9 VS. IND AS 18 Disclosure of excise duty Indian GAAP • As per AS 9 , excise duty is reduced from the gross revenue and reported on net basis. Sr. No. CA-Assisted Income Tax Return Applicability of Ind As Any company may comply with the Ind AS for financial statements for the accounting periods from 1st April 2015 with the comparatives for periods ending on 31st march 2015, or thereafter. 500 crores; Holding Company, Subsidiary, a Joint venture or Associate companies of companies fulfilling the above condition. Recording of all possible transactions. File ITR with Form 16. The Rules specify the Indian Accounting Standards (Ind AS) applicable to certain class of companies and set out the dates of applicability. : The statutes governing an enterprise often require disclosure of related party transactions in the financial statements. Insurance Companies Solution: A Ltd would be considered to control C Ltd. As per AS 18, control includes ownership, directly or indirectly, of more than 50% of the voting power of another enterprise. Exercise significant influence over the other party in making financial and/or operating decisions *Control means: 1. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. The new standard is effective for accounting periods beginning on or after 1 April 2018, thus aligning the Ind AS 115 applicability date with the IFRS applicability date i.e. Just upload your form 16, claim your deductions and get your acknowledgment number online. Ind AS 10 Events after the Reporting Period: 15. 250 crores; Companies need to prepare the financial statements in the immediate next accounting year in which they first cross the threshold limit as specified by MCA. 4. The compulsory application of Ind AS has been rolled out in phases. the IFRS applicability date i.e. The mere existence of the relationship may be sufficient to affect the transactions of the reporting enterprise with other parties, 4. Made effective from the financial year 2016-17 on, To be implemented with effect from the financial year 2017-18 by, The adoption of phase 3 needs to be made with effect from the financial year 2018-19 by the following. Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. Benefits received by the Company AS on 31st March 2015 is INR 500 crores ; NBFCs, which is for. Current Accounting standards ( Ind AS – 17 1 Matters contained Leases – operating, Finance Sale! 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