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  1. Road map for new accounting standards

Road map for new accounting standards

The finance ministry on Monday announced a road map for implementation of Indian Accounting Standards (Ind AS) converged with International Financial Reporting Standards...

By: | New Delhi | Published: January 19, 2016 1:39 AM

The finance ministry on Monday announced a road map for implementation of Indian Accounting Standards (Ind AS) converged with International Financial Reporting Standards for scheduled commercial banks, insurance companies and non-banking financial companies.

As per the road map, banks, insurance companies and all-India term-lending refinancing institutions (Exim Bank, NABARD, NHB and SIDBI) would be required to prepare Ind AS-based financial statements for accounting periods beginning from April 1, 2018. Ind AS would be applicable to both consolidated and individual financial statements.

“Notwithstanding the road map for companies, the holding, subsidiary, joint venture or associate companies of scheduled commercial banks (excluding regional rural banks)would be required to prepare Ind AS-based financial statements for accounting periods beginning from April 1, 2018 onwards, with comparatives for the periods ending March 31, 2018 or thereafter,” the ministry said in a statement.

NBFCs will be required to prepare Ind AS based financial statements in two phases: under Phase I, NBFCs having net worth of Rs 500 crores or more and their associated companies would be required to prepare Ind AS based financial statements for accounting periods beginning from April 1, 2018. Under Phase II, the NBFCs whose networth is less than Rs 500 crore, would be required to prepare Ind AS based financial statements for accounting periods beginning from April 1, 2019.

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