Accounting · Ind AS
Consider the following statements regarding the phased mandatory adoption of Indian Accounting Standards (Ind AS) in India: I. Phase I (April 2016) mandated the applicability of Ind AS to companies with a net worth greater than or equal to Rs. 500 crores. II. Phase II (April 2017) mandated the applicability of Ind AS to unlisted companies with a net worth between Rs. 250 crores and Rs. 500 crores. III. Phase III (April 2018) extended the mandatory applicability of Ind AS to NBFCs with a net worth between INR 250 crores and INR 500 crores. IV. Phase IV (April 2019) mandated the applicability of Ind AS to banks and insurance companies. Which of the statements given above are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1I, II and IV Only
- 2I and II Only✓
- 3II, III and IV Only
- 4I, III and IV Only
Correct answer
I and II Only
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