Roadmap drawn-up for implementation of Indian Accounting Standards (Ind AS) converged with International Financial Reporting Standards (IFRS) for Scheduled Commercial Banks (Excluding Rrbs), Insurers/Insurance Companies and Non-Banking Financial Companies (NBFC’s)

Roadmap drawn-up for implementation of Indian Accounting Standards (Ind AS) converged with International Financial Reporting Standards (IFRS) for Scheduled Commercial Banks (Excluding Rrbs), Insurers/Insurance Companies and Non-Banking Financial Companies (NBFC’s) https://www.taxtmi.com/news?id=15488 Ind AS adoption is mandated for scheduled commercial banks (excluding RRBs), insurers, and specified NBFCs in a phased roadmap: banks and insurers must prepare Ind AS individual and consolidated financial statements from the applicable transition period; UCBs and RRBs remain outside Ind AS for now. NBFCs adopt Ind AS in two phases according to corporate status, listing intent and net worth bands, with covered group entities also required to apply Ind AS. Entities below the lowest net worth threshold continue with existing Accounting Standards. Adoption is mandatory where criteria are met; voluntary adoption is not permitted, though Ind AS data may be supplied for consolidation by a parent or investor. en-us Tue, 19 Jan 2016 09:38:41 +0530 Tue, 19 Jan 2016 11:53:00 +0530 TaxTMI RSS Generator Roadmap drawn-up for implementation of Indian Accounting Standards (Ind AS) converged with International Financial Reporting Standards (IFRS) for Scheduled Commercial Banks (Excluding Rrbs), Insurers/Insurance Companies and Non-Banking Financial Companies (NBFC’s) https://www.taxtmi.com/news?id=15488 Ind AS adoption is mandated for scheduled commercial banks (excluding RRBs), insurers, and specified NBFCs in a phased roadmap: banks and insurers must prepare Ind AS individual and consolidated financial statements from the applicable transition period; UCBs and RRBs remain outside Ind AS for now. NBFCs adopt Ind AS in two phases according to corporate status, listing intent and net worth bands, with covered group entities also required to apply Ind AS. Entities below the lowest net worth threshold continue with existing Accounting Standards. Adoption is mandatory where criteria are met; voluntary adoption is not permitted, though Ind AS data may be supplied for consolidation by a parent or investor. News - Tue, 19 Jan 2016 09:38:41 +0530 https://www.taxtmi.com/news?id=15488