Indian Accounting Standards Current Affairs, GK & News

RBI issues regulatory guidelines for implementation of Ind AS

The Reserve Bank on Friday issued regulatory guidelines for implementation of Indian Accounting Standards (Ind AS) by Non-banking financial companies (NBFCs) and Asset reconstruction companies (ARCs) when they prepare their financial results from FY20. Indian Accounting Standards is the Accounting standard adopted by companies in India and they are issued under the supervision of Accounting Standards Board (ASB). The Ind AS have ..

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Implementation of Indian Accounting Standards deferred by RBI

The Reserve Bank of India (RBI) has deferred the implementation of new accounting rules, Indian Accounting Standards (Ind AS) for banks till further notice. This is the second extension provided by the RBI. Earlier in April 2018, RBI had postponed the implementation of Ind AS by the banks by one year. RBI has reasoned that ..

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Indian Accounting Standards (IND-AS)

Indian Accounting Standard (abbreviated as Ind-AS) is the Accounting standard adopted by companies in India and issued under the supervision of Accounting Standards Board (ASB) which was constituted as a body in the year 1977. ASB is a committee under Institute of Chartered Accountants of India (ICAI) which consists of representatives from government department, academicians, other professional bodies viz. ICAI, ..

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RBI defers adoption of Ind-AS by 1 year for banks

The Reserve Bank of India (RBI) has deferred adoption of Indian Accounting Standards (Ind AS) by commercial banks for year (till April 2019) due to unpreparedness of banks to migrate to the new accounting system. RBI has requested Government to amend Banking Regulation Act, 1949 as format of financial statements as prescribed under Schedule 3 ..

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