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 :
- GST Council Recommends Major Compliance Reforms: IPR Taxation, Late Fee Relief and E-Invoicing Changes
- GST Council Recommends Major Reforms in ITC Refunds, Blocked Credits and Export Benefits
- GST Council Recommends Changes to E-Way Bill Rules to Ensure Smoother Movement of Goods
- GST Council Recommends Withdrawal of Arrest Powers, Raises Prosecution Threshold to Rs 5 Crore
- 57th GST Council Recommendations Relating to Services
- 57th GST Council Meet Recommends Changes and Clarifications in GST Rates on Goods and Services
- GST Dispute Reforms: Rs 10,000 Notice Threshold and 5% Penalty Proposed in Non-Fraud Cases
- GST Council Proposes Automated Refunds, 90% Provisional Refunds and Faster Processing
- GST Return Reforms: New ITC Reconciliation Mechanism Proposed from April 2027
- 57th GST Council Meet Recommends Major GST Registration Reforms for Faster Approvals
Popular News
- Central Excise Duty Rates Revised: Rs 16 and Rs 10.5 Per Litre Effective 1st October 2026
- Supriya Sule Urges FM Sitharaman to Extend Tax Audit Due Date for AY 2026-27
- ICAI Delegation Meets CBDT Member Vatsala Jha, Raises Tax Audit Deadline Concerns
- CBDT Extends Tax Audit Due Date for AY 2026-27 to 21st October 2026; ITR Deadline Moved to 21st November
- MP High Court Petitions Challenge AY 2026-27 Tax Audit Deadline
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
