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of <h1>India Adopts IndAS: Phased Implementation of New Accounting Standards Aligning with IFRS from April 2016 Onwards</h1> In response to globalization and the need for a unified financial reporting system, India committed to aligning its accounting standards with IFRS, introducing 39 Indian Accounting Standards (IndAS) as announced in the 2014-15 union budget. The adoption began in phases: from April 1, 2016, for entities with a net worth of 500 crores or more, and from April 1, 2017, for those with a net worth of 250 crores or more. IndAS is mandatory for listed and unlisted entities, with specific exemptions for companies on SME exchanges. Non-Banking Financial Companies (NBFCs) follow separate criteria from April 1, 2019.
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