Roadmap for Implementation of Indian Accounting Standards (IND AS)

1st April 2015 or thereafter : Voluntary Basis for all companies (with Comparatives)

Phase I :

1st April 2016 : Mandatory Basis

(a) Companies listed/in process of listing on Stock Exchanges in india or outside india having net worth
     more than or equal to INR 5 Billion.
(b) Unlisted Companies having net worth more than or equal to INR 5 Billion.
(c) Parent, Subsidiary, Associate and Joint venture of Above

Phase II :

1st April 2016 : Mandatory Basis
 

(a) All Companies which are listed/in process of listing inside or outside india on Stock Exchanges not
     covered in phase I (other than companies listed on SME Exchanges).
(b) Unlisted Companies having net worth INR 5 Billion > INR 2.5 Billion.
(c) Parent, Subsidiary, Associate and Joint venture of Above.

• Companies listed on SME exchange not required to apply Ind AS 
• Once Ind ASs are applicable, an entity shall be required to follow the Ind AS for all the subsequent financial statement.
• Companies not covered by the above roadmap shall continue to apply existing Accounting Standards notified in Companies (Accounting Standards) Rules,2006.