Tag Archives: Ind AS

RBI Guidelines on Ind AS for All-India Term Lending and Refinancing Institutions(AIFIs)

RBI/2016-17/34 RBI/2016-17/DBR.FID.No. 1/01.02.000/2016-17 August 04, 2016 All India Financial Institutions (Exim Bank, NABARD, NHB and SIDBI) Madam / Dear Sir, Implementation of Indian Accounting Standards (Ind AS) The Ministry of Corporate Affairs (MCA), Government of India has notified the Companies (Indian Accounting Standards) Rules, 2015 on February 16, 2015. A reference is also invited to… Read More »

Companies (Indian Accounting Standards) (Amendment) Rules 2016

Companies Act, 2013 NOTIFICATION NO. GSR 365(E) [F.NO.01/01/2009-CL-V (PART)], DATED 30-3-2016 In exercise of the powers conferred by section 133 read with section 469 of the Companies Act, 2013 (18 of 2013) and sub-section (1) of section 210A of the Companies Act, 1956 (1 of 1956), the Central Government, in consultation with the National Advisory… Read More »

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 2

The Accounting Standards Board (ASB) of the ICAI has constituted ‘Ind AS Transition Facilitation Group’ (ITFG)1 for providing clarifications on timely basis on various issues related to the applicability and /or implementation of Ind AS under the Companies (Indian Accounting Standards) Rules, 2015, raised by preparers, users and other stakeholders. 1 Announcement on the Constitution… Read More »

Roadmap drawn-up for Ind AS converged with IFRS

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) 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… Read More »

Constitution of Implementation Group on Ind AS in the Insurance Sector

Date:18-11-2015 The Insurance Regulatory and Development Authority of India (the Authority) has taken a stand that insurance sector in India would be converged with IFRS after the revised standard on Insurance Contracts viz., IFRS 4 is pronounced by IASB. The same was also conveyed to Ministry of Corporate Affairs (MCA). The MCA has considered the… Read More »

Ind AS 2 (Indian Accounting Standard )

COMPANIES (INDIAN ACCOUNTING STANDARDS) RULES, 2015 NOTIFICATION [F.NO.01/01/2009/CL-V(PART)], DATED 16-2-2015 They shall come into force on the 1st day of April, 2015 Indian Accounting Standard (Ind AS 2) Inventories (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold italic type indicate the main principles.)… Read More »

Ind AS 1 (Indian Accounting Standard )

COMPANIES (INDIAN ACCOUNTING STANDARDS) RULES, 2015 NOTIFICATION [F.NO.01/01/2009/CL-V(PART)], DATED 16-2-2015 They shall come into force on the 1st day of April, 2015 Indian Accounting Standards (Ind AS)     Presentation of Financial Statements (Ind AS 1) (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type… Read More »