<P> Companies not covered in phase 1 and having net worth exceeding INR 500 crore (INR 5 billion) </P> <P> Phase 3: Opening balance sheet as at 1 April 2014 * </P> <P> Listed companies not covered in the earlier phases * If the financial year of a company commences at a date other than 1 April, then it shall prepare its opening balance sheet at the commencement of immediately following financial year . </P> <P> On 22 January 2010, the Ministry of Corporate Affairs issued the road map for transition to IFRS . It is clear that India has deferred transition to IFRS by a year . In the first phase, companies included in Nifty 50 or BSE Sensex, and companies whose securities are listed on stock exchanges outside India and all other companies having net worth of INR 10 billion will prepare and present financial statements using Indian Accounting Standards converged with IFRS . According to the press note issued by the government, those companies will convert their first balance sheet as at 1 April 2011, applying accounting standards convergent with IFRS if the accounting year ends on 31 March . This implies that the transition date will be 1 April 2011 . According to the earlier plan, the transition date was fixed at 1 April 2010 . </P>

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