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The Centre has rejected Non-Banking Finance Companies (NBFC)s’ request to defer Ind AS implementation by one year as has been done for banks. Confirming this decision, a Government official said that NBFCs will have to implement Ind AS from April 1 this year.
It may be recalled that the Reserve Bank of India (RBI) had allowed one year deferral for Ind AS implementation by banks.
The Ministry of Corporate Affairs (MCA) had recently convened a meeting of financial sector regulators and stakeholders to discuss, among other things, the NBFCs request for deferment of Ind AS by one year. The National Advisory Committee on Accounting Standards ( NACAS) had at the meeting conveyed to the MCA that it is not in favour of deferring Ind AS for NBFCs.
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