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New accounting standards: Ind AS: SEBI gives listed cos more time to file results

Our Bureau Mumbai | Updated on January 17, 2018 Published on July 05, 2016

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Capital market regulator SEBI has extended the timeline for listed companies to report their financial results to help them comply with the new accounting standards.

For the June 2016 quarter, SEBI has extended the deadline by one month, allowing companies to report results by September 14.

For Q2FY16, the new deadline for reporting is December 14.

Limited review, not a must

Comparable results for the quarters ending June 30, 2015, and September 30, 2015, should also be published, though the limited review or audit of the same is not mandatory.

The new Indian Accounting Standards, or Ind-AS, is mandatory for a certain class of companies from April 1 this year. Domestic reporting rules and the International Financial Reporting Standards converge into the new standards.

‘Pragmatic move’

Ashish Gupta, Director, Grant Thornton Advisory Pvt Ltd, said: “This is a very significant step by SEBI and provides substantial relief to companies declaring the Ind-AS compliant results for the first time in June 2016.

“Further, disclosures of reserves and balance sheet information for March 2016 are other relaxations given by SEBI. We welcome this pragmatic move by SEBI.”

2nd quarter instead of first

For the first three quarters of FY17, disclosure of Reserves (excluding Revaluation Reserves), according to the Balance Sheet of FY16, is not mandatory. Also, in case the company has subsidiaries or joint ventures or associates, it may choose to submit quarterly/year-to-date consolidated financial results in the second quarter instead of the first quarter of the financial year and this option continues for the rest of the year.

For listed entities to whom Ind-AS rules are not immediately applicable (such as banks and insurance companies), the relaxations shall apply during their first year of implementation.

Published on July 05, 2016
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