Companies with a net-worth of Rs 500 crore or more will have to follow the new Indian Accounting Standards (Ind AS) from April 1,2016. The new standards are benchmarked to the International Financial Reporting Standards ( IFRS).It shall be known as The Companies (Indian Accounting Standards) Rules, 2015
It was introduced for being implementation in phases, for its adoption , for companies other than banks, insurers and non-banking finance companies (NBFCs).
a.First Phase – It will include all companies having a networth of over Rs. 500 crore with period beginning on or after April 1, 2016,
b.Second Phase – With effect from April 1, 2017all listed companies having a networth of less than Rs. 500 crore and unlisted companies having networth greater than Rs. 250 crore and less than Rs. 500 crore.