APPLICABILITY
The revised Schedule would apply to all Indian companies till they are required to follow IFRS converged Indian accounting standards. It is not applicable to Banking and Insurance Companies.
The MCA has already announced a roadmap for convergence with IFRSs and has very recently also issued converged Ind ASs. However, in the near future, only a small percentage of Indian companies will be required to follow these converged standards; an overwhelming majority of companies would still be following the accounting standards presently notified under the Companies (Accounting Standards) Rules, 2006.
