Revised
Formats for Financial Results and Implementation of Ind-AS by Listed Entities
SEBI Circular:
Circular No: CIR/CFD/FAC/62/2016
dated July 5, 2016
Applicability:
To All Listed Entities
Crux of the Circular
The circular mainly covers the following:
a. Revision in the formats of financial results
b. Implementation of Ind – AS
c. Relaxation in the timeline and
format of submitting the financial results for a limited period
d. Clarification on issues related to
Ind – AS implementation
Highlights of the circular
The following are the broad highlights of the circular
i.
The
unaudited/ audited financial results of the company shall be presented in compliance
with the AS providing minimum information: Segment revenue, results, assets and
liabilities, along with the Ind- AS compliant financial results till the period
ended December 31,2016.
ii.
Limited
review/ audit of the same is not mandatory for the quarter/ period ended June
30, 2016 and September 30, 2016.
iii.
The
unaudited/ audited financial results of the company along with the respective
annexure in the prescribed format for the period ended June 30, 2016 shall be
submitted by September 14, 2016 and for the period ended September 30, 2016
shall be submitted by December 14, 2016. Also, the financials shall be
published in the prescribed format
iv.
For
the period ended September 30, 2016 the Ind AS compliant financials has to be
provided for the corresponding year to date and for the quarter ended September
30, 2016.
v.
While
submitting the results for the period ended June 30, 2016 and September 30, 2016,
the submission of the compliant financial results for the respective previous
year is not mandatory
However,
management has to disclose that it has exercised adequate due diligence to
ensure that the financial results provide a true and a fair view of its
affairs.
vi.
If
a company chooses to provide the financial results in compliance with Ind AS
then limited review or audit is mandatory
vii.
The
company can opt for submission of consolidated financial results in the second
quarter instead of first quarter
viii.
Unaudited/
audited financial results for the period/ quarter ended on or after March 31,
2017 shall be presented in the revised format.
Source:
http://www.sebi.gov.in/cms/sebi_data/attachdocs/1467712561526.pdf
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