Banks, insurers to align with global accounting rules from April 1, 2018
The Government has ruled out any postponement of the roadmap announced for adoption of Ind AS—the new generation accounting standards — in India.
“We are not looking at any postponement…. Nothing in our agenda..That (postponement) is not in our plate”, Amardeep Singh Bhatia, Joint Secretary, Corporate Affairs Ministry, said at a national conference on financial reporting, organised by Confederation of Indian Industry (CII) here on Wednesday.
Corporate Affairs Ministry had in February this year notified a final roadmap for adoption of Ind AS in India.
As per the roadmap, all companies, with networth of ₹ 500 crore or more (whether listed or unlisted), should move to Ind AS from financial year beginning on or after April 1, 2016.
Other companies whose equity and/or debt securities are listed or are in the process of being listed on any stock exchange in India or outside India should adopt Ind AS from financial year beginning on or after April 1, 2017.
Unlisted companies’ having networth of ₹ 250 crore or more, but less than ₹ 500 crore would have to migrate to Ind AS from April 1, 2017.
Srivats.kr@thehindu.co.in
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