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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)

News and Press Release - Dated:- 19-1-2016 - In pursuance to the Budget Announcement by the Union Finance Minister Shri Arun Jaitley, after consultations with Reserve Bank of India (RBI), Insurance Regulatory and Development Authority(IRDA) and Pension Fund Regulatory and Development Authority (PFRDA), the following roadmap for implementation of Indian Accounting Standards (Ind AS) converged with International Financial Reporting Standards (IFRS) for Scheduled commercial banks (excluding RRBs), .....

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aratives for the periods ending March 31, 2018 or thereafter. Ind AS would be applicable to both consolidated and individual financial statements. (b) Notwithstanding the roadmap for companies, the holding, subsidiary, joint venture or associate companies of Scheduled commercial banks (excluding RRBs) would be required to prepare Ind AS based financial statements for accounting periods beginning from April 1, 2018 onwards, with comparatives for the periods ending March 31, 2018 or thereafter. (c .....

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g March 31, 2018 or thereafter. Ind AS would be applicable to both consolidated and individual financial statements. (i) NBFCs having net worth of ₹ 500 crores or more. (ii) Holding, subsidiary, joint venture or associate companies of companies covered under (a)(i) above, other than those companies already covered under the corporate roadmap announced by the Ministry of Corporate Affairs (MCA), Government of India (GoI). (b) Under Phase II, the following categories of NBFCs shall be requir .....

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