<h1>India to Implement Accounting Standards for Banks, Insurance, and NBFCs from 2018, Aligning with IFRS.</h1> The Indian government announced a roadmap for implementing Indian Accounting Standards (Ind AS) for commercial banks, insurance companies, and non-banking financial companies (NBFCs). Starting April 1, 2018, banks and certain NBFCs with a net worth of Rs. 500 crore or more must adopt these standards. Listed or soon-to-be-listed NBFCs with a net worth below Rs. 500 crore, and unlisted NBFCs with a net worth between Rs. 250 crore and Rs. 500 crore, will follow from April 1, 2019. These standards align with International Financial Reporting Standards (IFRS) with minimal modifications for local requirements.