On 29 March 2018, the Ministry of Corporate Affairs (MCA) notified Ind AS 115, Revenue from Contracts with Customers applicable for companies following Indian Accounting Standards (Ind AS). Ind AS 115 is based on IFRS 15, under IFRS and ASC 606, under US GAAP.
Section 2(87) of the Companies Act, 2013 (Act) defines a subsidiary company as under:
Subsidiary company or subsidiary, in relation to any other company (that is to say the holding company), means a company in which the holding company-
i. controls the composition of the Board of Directors; or
The Reserve Bank of India had issued a Notification dated 1st of June 2017 “Introduction of Legal Entity Identifiers for OTC derivative markets” (RBI/2016-17/314 FMRD.FMID No.14/11.01.007/2016-17)” which requires creation of LEI (Legal Entity Identifier) number for participating into OTC Derivative market for all entities.