In 2015, the Ministry of Corporate Affairs has issued a notification stating a roadmap for implementation of IND-AS converged with IFRS. IND-AS are required to be adopted in a phased manner for the financial year beginning on or after 1 April 2016 with comparatives for the year ending 31 March 2016 for certain class of companies.

Accordingly , following companies are required to adopt Indian Version of International Financial Reporting Standards,(IFRS ) i.e. IND AS :

For The Accounting Period Beginning On or After 1 April 2016 (Phase 1)

1. Unlisted companies having a net worth of Rs. 500 crores or more.
2. Holding, subsidiary, joint venture or associate companies of the listed and unlisted companies covered above.
3. Comparative for these financial statements will be periods ending 31 March 2016 or thereafter.