The MCA notifies a road map for Ind AS implementation by NBFCs and provides clarifications on the same for banks

The MCA notifies a road map for Ind AS implementation

The MCA, through its notification dated 16 February 2015, issued a road map for implementation of Ind AS by companies other than banking companies, insurance companies and NBFCs (corporate road map).

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On 29 September 2015, RBI recommended a road map to MCA for implementation of Ind AS from 2018-19 onwards for banks and NBFCs. The RBI then issued a circular on 11 February 2016 confirming the Ind AS implementation date for scheduled commercial banks. 

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On 30 March 2016, the Ministry of Corporate Affairs (MCA) notified the Companies (Indian Accounting Standards) (Amendment) Rules, 2016, which include a road map for implementation of Indian Accounting Standards (Ind AS) by Non-Banking Financial Companies (NBFCs) (NBFC road map).

NBFCs will be required to comply with Ind AS in a phased manner, from accounting periods beginning on or after 1 April 2018 for the first phase and 1 April 2019 for the second phase. This circular confirms the timeline for Ind AS implementation by NBFCs that was specified by MCA in its press release dated 18 January 2016.

This issue of IFRS Note provides an overview of the recent MCA circular.  

To access the text of MCA circular, please click here .     

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