New Delhi, Jan 3 (KNN) The Ministry of Corporate Affairs on Friday established a road map for companies to implement a new Indian Accounting Standards (Ind AS) converged with the International Financial Reporting Standards (IFRS).

Ind AS will be applicable from the next financial year on a voluntary basis and from April 2016. It will be mandatory for companies which have a net worth of Rs 250 crore or more but less than Rs 500 crore, said a statement.

Companies whose equity or debt securities are listed or are in the process of listing on any stock exchange in India or outside India and having net worth of Rs 500 Crore or more will move to Ind AS from April 1, 2016.

However, Companies whose securities are listed or in the process of listing on SME exchanges will not be required to apply Ind AS. Such companies shall continue to comply with the existing Accounting Standards unless they choose otherwise, it said.

Banking companies, insurance companies and non-banking Finance companies (NBFC’s) will not be covered under this notification. (KNN/ST)