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Implementation of New Accounting Standards

Written By Admin on Monday, 1 December 2014 | Monday, December 01, 2014

Press Information Bureau
Government of India
Ministry of Corporate Affairs
25-November-2014 15:59 IST

In  accordance  with  the  announcement  in  the  Budget  Speech  2014-15,  the  Indian  Accounting Standards (Ind-AS), based on the International Financial Reporting Standards (IFRS), will be notified for voluntary adoption from the financial year 2015-16 and mandatorily from financial year 2016-17. Banks, Financial Institutions and Insurance Companies may be brought under the purview of the standards at a later date. The class of companies to which these standards will apply are being finalised and would be notified alongwith the Ind-AS.

This  was  stated  by  Shri  Arun  Jaitley,  Minister  of  Corporate  Affairs  in  written  reply  to  a
question in the Rajya Sabha today.
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