Applicability of IFRS Converged Indian Accounting Standards in line with International Financial Repor ting Standards will be applicable

in India w.e.f April 1st 2011 in the following mode 1 Converges in respect of Companies other than Banking, Insurance & NBFCs Phase I Convergence of opening Balance Sheet as on 1st April 2011 by -Companies which are part of NSE or BSE. -Companies which are listed on stock exchange outside India. -Companies whether listed or not Phase II Convergence of opening Balance Sheet as on 1st April 2013 by -Companies whether listed or not ceeding 1000 Crore. Phase II Convergence of opening Balance Sheet as on 1st April 2013 by -Listed companies Having NET WORTH 500 crore or less. Having NET WORTH more than 500 crore but not ex having a NET WORTH more than 1000 crore.

2 Converges in respect of Banking Companies April 1, 2013 All scheduled commercial banks and those urban co-operative banks which have a N ET WORTH in excess of Rs. 300 crore. April 1, 2014 Urban co-operative banks which have a net worth in excess of Rs. 200 crore but n ot exceeding Rs. 300 crore 3 Converges in respect of NBFCs April 1, 2013 Companies which are part of NSE or BSE Companies whether listed or not having a NET WORTH more than 1000 crore. April 1, 2014 All listed NBFCs and those unlisted NBFCs which do not fall in the above categor ies and which have a net worth in excess of Rs. 500 crore 4 Converges in respect of Insurance Companies