Sebi eases format of accounting standard applicability

New format to apply to firms that have listed their debt securities and non-cumulative redeemable preference shares on exchanges

In a bid to facilitate smooth transition, capital markets regulator Securities and Exchange Board of India (Sebi) has issued a revised format for publishing financial accounts in compliance with Ind AS, the accounting standards.

The new format will be applicable on all those companies which have listed their debt securities and non-cumulative redeemable preference shares on the exchanges, for disclosing financial results.

"The existing formats for disclosure of half yearly and annual financial results, shall continue till the period ending on or before December 31," Sebi said in a circular released on Wednesday.

Under the revised format, regulator has has extended the timeline for submitting the financial results by one month. While the audit of the comparative half yearly results is no more mandatory

"With regard to the comparative financial results for the preceding full year, the submission of such comparative full year results is not mandatory. However, if the listed entity opts to submit such comparative full year results, then limited review or audit of such comparative full year results is not mandatory," Sebi noted.

Further, Sebi has clarified that reconciliation of equity for the previous year shall be provided while submitting the annual financial results for the first year of adoption of accounting standard.