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
Last updated: 22 December 2014
Comments
Recent News :
- CBDT Denies IT Raid Allegations by TN Congress Leader, Calls Claims Baseless
- Form 126 Replaces 15C & 15D: Key Changes in Nil TDS Certificate for Non-Residents
- No Mandatory Income Tax Clearance Certificate for All Travellers: PIB Fact Check
- CBIC Removes Entry from Tamil Nadu Under Notification 39/2026
- Form 146 Mandatory? New CA Certificate Rules for Foreign Remittances in 2026
- Form 163 Under IT Act, 2025: Indirect Transfer Reporting Made Simple
- Form 116 for ITAT Cross Objections: Income Tax Dept Clarifies Filing Process & Timeline
- Finance Ministry Issues New Indian Economic Service Rules 2026
- ICAI Releases Updated Income Tax Act 2025 Edition with Section-Wise Mapping to 1961 Law
- MCA Invites Feedback on New Incorporation Rules 2026 to Boost Ease of Doing Business
Popular News
- Income Tax Department Clarifies Form 157 FAQs: Key Rules for Individuals Before Leaving India
- IT Act 2025: Form 32 Filing Mandatory Before Audit Due Date for Key Deductions
- CBDT Issues Corrigendum to ITR Forms 2026
- New TAN Forms 134 and 135 Bring Mandatory PAN, AIN, CIN Requirements for All Deductors
- Big GST Relief: GSTN Enables Interest Re-Calculation under Table 5.1 of GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
