Applicability of Ind AS on companies - Indian Accounting Standards
Ind AS (Indian Accounting Standards) are applicable to companies in India for the preparation and presentation of their financial statements. Ind AS is based on the international financial reporting standards (IFRS) and aims to enhance transparency, comparability, and consistency in financial reporting. The Ind AS applicability on companies depends on certain criteria such as the company's net worth, its listing status, and its industry. Generally, companies meeting specific thresholds, such as a net worth of Rs. 500 crore or more, are required to adopt Ind AS. However, there are certain exemptions and relaxations for small and medium-sized companies. The adoption of Ind AS requires companies to make significant changes in their accounting policies, financial statement presentation, and disclosures. To understand Ind AS applicability in details, you can read the detail article to feel free to connect ASC Group to comply with Ind AS compliance and regulations.
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