Page 25 - IC46 addendum

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31. Which statement is correct in respect of
applicability of IND AS:

a. IND AS will apply to companies with a net
worth equal to or exceeding INR 500 crore.

b. Listed companies, as well as others having
a net worth equal to or exceeding 250 crore
INR will follow IND AS from 1st April 2017.

c. IND AS will also apply to subsidiaries, joint
ventures, associates, as well as holding
companies of the entities.

d. All listed companies and companies having
a net worth of 250 crore INR will be required
to adopt IND AS.

e. All above.

32. Which statement is correct in respect of
applicability of IND AS:

a. Companies not covered by IND AS may
adopt it voluntarily and once adopted, they
cannot go back to AS.

b. Insurance, banking and nonbanking financial
companies are not required to apply IND AS
either voluntarily or mandatorily.

c. If insurance, banking and nonbanking
financial companies are subsidiaries, joint

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