Relaxation of last date for filing AOC-4 xbrl

MCA has vide its circular dated 26th October, 2017 extended the last date for filing of AOC-4 XBRL for financial year 2016-17 in accordance with IndAS accounting standards upto 31st March, 2018. The draft taxonomy has been uploaded on the site in order for the stake holders to familiarise themselves with the new requirement. The development tools necessary for deployment of taxonomy for XBRL filing is expected to be completed only by 28th February, 2018. Therefore the last date has been extended upto 31st March, 2018.

MCA circular can be found here

Indian Accounting Standards notified

Ministry of Corporate Affairs has notified the Indian Accounting Standards Rules on 16th February, 2015.

Listed and unlisted companies and having net worth of Rs.500 crores or more are required to follow the IndAs from the financial year 2016-17 onwards with comparatives for the year ending 31st March, 2016.  Holding, subsidiary, associate or joint venture of these category companies will also follow this schedule

Listed Companies having net worth of less than Rs.500 crores will start adhering to the IndAs from the financial year 2017-18 with comparatives for financial year ending 31st March, 2017. Unlisted companies with networth of Rs.250 crores to Rs.500 crores will also follow this schedule. As again, the holding, subsidiary, associate or joint venture companies of such category companies will follow this schedule.

Companies listed on the SME platform or Institutional Trading Platform are not required to follow the schedule for other listed companies.

Networth shall be determined as at 31st March, 2014.

Of course any company wanting to voluntarily follow the IndAS can do so from the financial year 2015-16 onwards with comparatives for the financial year ending 31st March, 2015. But once a company starts following the IndAS then for all subsequent financial years, it has to the follow the IndAS standards.

The standards are available at the MCA website.