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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 Pensi .....

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insurers/insurance companies and Non-Banking Financial Companies (NBFC s) has been drawn up: (I.) Scheduled commercial banks (excluding RRBs) and Insurer/Insurance Companies: (a) Scheduled commercial banks (excluding Regional Rural Banks (RRBs), All- .....

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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 comp .....

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) Urban Cooperative Banks (UCBs) and Regional Rural Banks (RRBs) shall not be required to apply Ind AS and shall continue to comply with the existing Accounting Standards, for the present. (II.) NBFCs: NBFCs will be required to prepare Ind AS based f .....

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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 .....

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ed to prepare Ind AS based financial statements for accounting periods beginning from April 1, 2019 onwards with comparatives for the periods ending March 31, 2019 or thereafter. Ind AS would be applicable to both consolidated and individual financia .....

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nd (b)(i) above, that are unlisted companies, having net worth of ₹ 250 crores or more but less than ₹ 500 crores. (iii) Holding, subsidiary, joint venture or associate companies of companies covered under (b) (i) and (b)(ii) above, other .....

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