IND AS Adoption Roadmap
In the previous blog , we have seen what IFRS is and how in India has promised to converge with IFRS. India made a commitment to G20 nations in their summit in 2009 towards convergence to IFRS. Accordingly, India decided to adopt a reporting framework similar to IFRS i.e., Ind AS, Indian Accounting Standards Converged with IFRS. On 16 February 2015, the Ministry of Corporate Affairs (MCA) issued a notification for adoption and implementation of Ind AS for Corporate sector in India in phased manner vide companies (Indian Accounting Standards) Rule, 2015. Ind AS to be adopted in a phased manner from the financial year 2016-17 with comparatives for the year financial year 2015-16 for certain class of companies. Applicability of Ind AS for corporate sector as well for NBFC is discussed below: Corporate Roadmap Mandatory Adoption Companies – Phase I (Other than banks, NBFCs and Insurance Companies) All Listed Companies or Companies in the process of Listing (debt or equity listed in o...