<h1>Indian Accounting Standards Aligned with IFRS to be Voluntarily Applied in 2015-16, Mandatory from 2016-17.</h1> The Finance Minister announced that Indian Accounting Standards (Ind AS), aligned with International Financial Reporting Standards (IFRS), will be applied by Indian companies voluntarily from the fiscal year 2015-16 and mandatorily from 2016-17. The implementation timeline for banks, insurance companies, and non-banking financial companies will be determined by their respective regulators. Necessary measures for this transition are in progress, as confirmed by the Minister of Corporate Affairs in a written response to a parliamentary question.