Legislative amendments to implement the new Standards still under consideration
WHY NEW ACCOUNTING STANDARD FOR BANKS?
WHY THE NEW ACCOUNTING STANDARDS IS DEFERRED?
What is IFRS – 9 – International Financial Reporting Standard?
THE STATUS OF RBI ON THE BANKS AND OTHER INSTITUTIONS
Initially, RBI issued road maps of Ind AS implementation for:
The current notification covers deferral of Ind AS for scheduled commercial banks. This raises some
uncertainty for application of Ind AS for All-India Term Lending Refinancing Institutions. A clarification from
RBI would be welcome to resolve this uncertainty for such institutions.
THE BACK GROUND OF IMPLEMENTATION OF ACCOUNTING STANDARD IN INDIA BY RBI
Also constituted a Working Group in September 2015 for implementation of Ind AS by banks.
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