Name: Susneet Kumar.S.S Date: A8/on/z024 Reg Nos 202286 ZAPM: Assignment = Cots Sections £ Batehs 2020-2022 Ceitically evaluate whether 4ndta. shhovld adopt TFRS oc continue with INDAS, The Ministeg of Corporate afdcies {MCA} In 2045 hos not- “ied the companies CIndian Accounting Standards IND AS) Rules 2045 which sbpvlated The adoption and applica- | - bility oy IND AS to a ghased manner beginning trom the accounting peried 2026-47, The MCA hes since Aspoed three Amendment coles, one cach year since 2006, QorF and 204% to amend the 294 olen, The IND AS | ost basically standacds ‘that heave een harmonised usith the TFRS to make reperting by dadtan eompanies more, qleball y. accessible . Stace dadian companies lhave o far ustder global reach mew oS compared to corlier, Ake need be converge ceperbing skenderds with tnter- ~natiemal standards vas felt ulich hes led to the tnt -sodvction of IND AS. Phases of adoption: Prose 1 > Mandatery applicability of INDAS Eo all Companies groom Ast Apes) 2016 provided e ab is a Uated oe uoltsted Company, o Sto net werth is greater than or eqval to Rs. 500 er,Phose 23 Mandetery appli cabsility SfIND AS ballcompantes gee Ast April 204%, provided BENS @ listed company eo Ts ta The Process ef being listea + BFS vet Werth is qseater Than er cquak bo Rs.250 apace Toot less than Rs. Soocrace. Phase 3s Mandotecy applicability of INDAS be all banks, NBEC7s and Ansvcance compertes grom Ast Apes | 2018 whose 2 Net weet is mece tan er equal to Rs 900 ceore with ehect geom Ast Apa) 2048. Phase Wy AN NBEC's whose Net worth Is more Aen et equal to INR 290 crace bot less Whang TNR 580 Crore aie) have IND AS cmandatect Ve Sepltoatcte te hem usitin eldect fron Tat Apert 2009, Net Werth Coleslattons Net worthy will be detecmined based on the staad- alone accounts et The company as on B45t march 2644, oF The Nest avdited peed ending agter teat date, Net wortty is The total ef Patd- up shere capital end all sesecues ovf of profit & secorittes premtury acesent , aptes deducting accumulated losses , defecved expendi to~ ~se and miscelleneovs expenditure net cites ob} . Only capital reserve aststing cut a} promoters cankri be - -Won and Gost grants steeived can be Ancloded, Reserves Created oot of vevalotion e¢ ossets and ussiften back de prectabion cannot be tacluded,Neleotersy adeption + Compacies can velentasily cheese te Incorporate IND AS In Thedce ceperts dec ecceon ing petods beginn’ ng on or after Apart 94,2015 . While seporking sock cospani- hes must Include o compost ve cepect fer the pesteds ending 34 March 2045 oc thescatter, where IND AS heave been tncorperated to present a comparittwe view However, ene & Com pany hes started seper Bing a per the SNDAS Wt cannel change te seporbing os previews lows, SEBT Clee Hooton s RS SS arenas For all the Sssuer companies hose efter documents ore Bled ith SERT on or adtec dot Apes) 2046, SEBT hes issued a alosdicotien ea the applicability of the / Andian Accounting standards <2ND ADD and dtsdasurcs de be made in the afer decoments , TW pieally, kz requires Tarver companies te disclose Ytnanstal Ingocmatien doc the previews 5 Jnancial years Airmectiately Preceding the year of Eling of the edjer document, vabile qotloutng uniboery aceoonting poltcies Jor each of The }nanctal ears. For these feouer compaces Jilrng an offer dees: emeat These peigts can be mnebed >4) Up le March 81,2047 ol ad the stnancial statements Hled by ther can be under ‘dadtan GAAP, 2) Between Apart 1,204% and Macch 34, 20418 discloseres Jo Mhe previous Lhe Moandial years Tmme diately, prece AING the velevact Jnancial year will have to be made under the IND AS pdineoles, wbile disco ests Jer the vemeining 2 Jinanctal years meg be dont under dndian GAAP. By Bekween Apr) 14,2098 and March 34, 204% disclosures in The previous thee Ananctal years Immediately preeeding the velevant Mosanciol year wil) have Lo be made onder the FND AS peineiples, ehbile Raclosores joc The remaicing 2 oanctal qgeass meg be done Under INDTAN GAAP. . bh) Between Apel 4, 204% and Marsh 34; 2020 disdosures, in the previess 3 Pnanct od years Aenmediately prece- ~dtng the selewant Jjrmancial year will havt te be mode under the IND AS Prine ples, ubile dtsclesoces ger the cemaimng one Jinoncial year may be done under Andian GAAP. 5) Om or afer April 4, 2020 distlosures in all the poevtevs 8) Stoancial years will have he be made oF per the IND AS Principles.