09 September 2019
1. Can an NBFC company voluntarily opt for IND AS accounting as per companies Act, 2013? 2. Is there any restrictions as per RBI for voluntarily opting of IND AS?
10 September 2019
1 Yes. 2 No restrictions. See the link for guidance. https://home.kpmg/content/dam/kpmg/in/pdf/2018/09/indas-practical-perspective.pdf
10 September 2019
Thanks Sir for your feedback but i am still not clear. Rule 4(1)(iv) of Companies (Indian Accounting Standard) Rules, 2015 specifies the category of NBFC's which shall compulsorily have to comply with IND AS. But it is not clear about other NBFC's which doesnot fall in the criteria. Can they voluntarily opt for IND AS? Rule 4(1)(i) of the aforesaid rule which says "any company and its Holding Company, JV or Associate Company MAY comply with IND AS................ Can we interpret this as any NBFC not falling in criteria of RULE 4(1)(iv) is also covered in this?
CAclubindia
