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
Follow on
Google News
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.
Comments
Recent News :
- GSTN Issues Advisory on e-Invoice API and e-Way Bill by IRN API Changes Effective from 1st August 2026
- RBI Streamlines Payment System Regulations with Comprehensive Master Directions
- CBIC Revises Customs Areas of Jurisdiction Under Customs Act, 1962
- Income Tax Act 2025: Key FAQs on Proposed Tax Exemption for FIIs Investing in G-Secs
- RBI Permits Commercial Banks to Finance REITs; Releases Final Lending Framework
- Centre Revises FEMA Non-Debt Rules 2026, Broadens Overseas Investment Framework
- Finance Ministry Issues Revised Common Application Form for Foreign Portfolio Investors
- Income Tax Act, 2025: CBDT Organises Webinar on Cross-Border Taxation and Transfer Pricing
- New Diesel Regulation 2026: Retail Outlets Can Sell Maximum 200 Litres Per Customer Daily
- Finance Ministry Waives Customs Duty on Nuclear Power Equipment Imported Between 2019 and 2026
Popular News
- CBDT Releases Guidelines for Compulsory Income Tax Scrutiny During FY 2026-27
- GSTN Extends Mandatory 'Ship To GSTIN' and E-Way Bill Closure Features to 1st August 2026
- FPI Investments in G-Secs Become Tax-Free Under Income-tax (Amendment) Ordinance, 2026
- ICAI 40 Under 40 Awards 2026: Nominations Open for Young Chartered Accountants
- GSTN Issues Advisory on e-Invoice API and e-Way Bill by IRN API Changes Effective from 1st August 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
