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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>RBI Requires Select Financial Institutions to Implement Indian Accounting Standards by April 2018, with Compliance Oversight Committees.</h1> The Reserve Bank of India (RBI) mandates that select All India Financial Institutions (AIFIs) adopt Indian Accounting Standards (Ind AS) for financial statements starting April 1, 2018, with comparatives for periods ending March 31, 2018. AIFIs, including Exim Bank, NABARD, NHB, and SIDBI, must establish committees to oversee implementation, assess impacts on financial systems, and prepare proforma Ind AS financial statements by specified deadlines. The RBI will provide guidance and hold meetings to facilitate this transition. AIFIs are required to disclose their Ind AS implementation strategy in annual reports and submit progress reports to their boards quarterly.
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