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Ind AS Transition Facilitation Group (ITFG) Clarification Bulletins | Analysis

The Ind AS Transition Facilitation Group (ITFG) has issued several Clarification Bulletins, a synopsis of these bulletins are given below for ready reference 

ITFG Bulletin 1 clarifications  

  1. A company having a net worth between 250–500 crore INR as on 31 March 2014 and therefore falling in phase II but has net worth exceeding 500 crore INR during 2015–16 would need to comply with Ind AS from 1 April 2016 i.e. from the immediately next financial year.
  2. Subsidiaries of Phase I company also transition to Ind AS from 1 April 2016. However, the parent-subsidiary relationship for this purpose is evaluated as at 1 April 2016.