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Friday, 5 October 2018

MCQ-F101-5 - Answer Key

MCQ-F101-5 - Answer Key

CIC are specifically included in the definition of NBFC. Accordingly exempted CIC will be regarded as NBFC for hte purpose of IndAS irrespective of the fact that RBI may have given some exemptions to certain class of CIC.

Further, as per Rule 4 of Companies (IndAS) Rules, 2015, any NBFC having net worth of more than 500 crore shall comply with IndAS for FY 2018-19 onwards with comparatives as on 31-3-2018

In view of above, Co. A will be required to apply IndAS from FY 2018-19 onwards.