Applicability of Ind AS is only optional for F.Y. 2015-16 but, later criteria exist to make a financial statment under its applicabilty. The abov slide only expalins the Ind AS applicabitly.

1. Ind AS
Indian Accounting Standards

2. Notification
 As on 16th February, 2015 a set of rules were
released by the Central Government in
consultation with the National Advisory
Committee on Accounting Standards.
 These were released under the provision of
Sec. 2(57) and 469 of Companies Act,2013
and sub-section 210 as per Companies
Act,1956.
 The Rules shall come into force on 1st April,
2015.

3. •All companies which do not fall under the
applicability of the Ind AS provisions shall
continue with the original Companies (
Accounting Standards) rule, 2006. i.e.. AS 1 to
32.
•Any company falling under the applicability
of the Ind AS shall have to follow it and once
complied they cannot revert back to the
previous Companies ( Accounting Standards)
rule, 2006.

4. Any company may comply with the Indian
Accounting Standards (Ind AS) for financial
statements for accounting periods beginning
on or after 1st April, 2015, with the
comparatives for the periods ending on 31st
March, 2015 or thereafter.

5. Compulsory compliance from 1st April,
2016 for the following class of companies
with comparatives ending as on 31st
March, 2016:-
Companies with Equity or/and Debt
securities, listed or in the process of listing,
with a net worth of 500 crores or more.
Companies other than those covered
above with a net worth of more than
500 crores or more.
Holding, subsidiaries, joint ventures
or associate companies of companies
covered by any of above two clauses.

6. Compulsory compliance from 1st April,
2017 for the following class of companies
with comparatives ending as on 31st
March, 2017:-
Companies with Equity or/and Debt
securities, listed or in the process of listing,
with a net worth less than 500 crores.
Companies other than those covered under
the above clause with a net worth of more
than 250 crores but less than 500 crores.
Holding, subsidiaries, joint ventures or
associate companies of companies covered
by any of above two clauses.

7. 
 Provided that nothing in this shall apply to companies
whose securities are listed or are in the process of being
listed on SME exchange as referred to in Chapter XB or on
the Institutional Trading Platform without initial public
offering in accordance with the provisions of Chapter XC of
the Securities and Exchange Board of India (Issue of Capital
and Disclosure Requirements) Regulations, 2009.
Additional information
Small and medium enterprises who are
listed or in the process of listing in
SME exchange shall not be coming under
the jurisdiction of this rule.

8. • The net worth shall be calculated in accordance
with the stand-alone financial statements of the
company as on 31st March, 2014 or the first
audited financial statements for accounting
period which ends after that date.
• For companies which are not in existence on 31st
March, 2014 or an existing company falling under
any of the applicability clauses in for the first
time after 31st March, 2014, the net worth shall
be calculated on the basis of the first audited
financial statements ending after that date in
respect of which it meets the thresholds.

9. OAny new company falling in the category of IND
AS at the of a financial year shall immediately
comply to the IND AS from the succeeding year.
OAssociates or joint venture companies located
abroad with an Indian holding are allowed to
prepare financial as per local jurisdiction, only if
the Holding Indian company prepares its
consolidated statements as per IND AS.
OThe same applies to Indian subsidiaries of foreign
companies, IND AS can be followed locally as per
the applicability criteria.

10. EXEMPTIONS
The insurance companies, banking companies and
non-banking finance companies shall not be required
to apply Indian Accounting Standards (Ind AS) for
preparation of their financial statements either
voluntarily or mandatorily.

11. Indian Accounting standards

12. • The introduction of IND AS is a step forward in the system of
Accounting in our economy, it is way by which the country wants
to introduce its financials without a translator.
• As much as a benefit the Ind AS may be considered, the
maintenance and compliance of the standards is going to be a
challenge for both Business men and Auditors.