The Finance Minister in the Budget speech 2014-15 announced that the Indian Accounting Standards (Ind AS) i.e. accounting standards based largely on with International Financial Reporting Standards (IFRS) shall be applied by Indian Companies from F.Y. 2015-16 voluntarily and from F.Y. 2016-17 on a mandatory basis. Implementation of Ind AS for banks, insurance companies and NBFC’s shall be announced at a later date by their respective regulators. Necessary steps to implement this decision are under way.
This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok Sabha today.
IFRS to be implemented from FY 2015-16
News posted by
CCI News Desk
Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.
Recent News :
- India Moves to Shield UPI Users from New Merchant Fees
- BJP Pali District President Seeks Tax Audit Due Date Extension for AY 2026-27
- CBIC Appoints Common Adjudicating Authority for Tirupati Udyog Customs Matter
- Bombay HC Quashes Rs 79.7 Crore GST Demand on Karan Johar Firms, Says Films Are Not IT Software
- MP P.P. Chaudhary Urges FM Sitharaman to Extend Tax Audit Due Date to 31st October 2026
- Rajasthan HC to Hear Tax Audit Deadline Extension Plea on 25th September
- NPCI Clarifies GST on UPI MDR: Small Merchants and 96% Transactions to Remain Unaffected
- CBDT Notifies New TDS Reporting Requirements for Property Transactions in Form 141 from 1st October 2026
- UPI MDR on Transactions Above Rs 2000: FM Sitharaman Clarifies Who Will Pay
- RBI Issues New Basel III Market Risk Capital Directions for Commercial Banks
Popular News
- Tax Audit Deadline 2026: Professional Bodies Seek Extension to 31st October
- Rajasthan HC to Hear Tax Audit Deadline Extension Plea on 25th September
- AIMTPA Seeks Tax Audit & ITR Due Date Extension for AY 2026-27
- MTPA Seeks Tax Audit Deadline Extension: TAR by 31st Oct, ITR by 30th Nov 2026
- CBDT Notifies SFT Rules for Depository Transactions Under Income Tax Act 2025
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
