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Indian IFRS convergence update

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05 Jul 2010

The Indian Ministry of Corporate Affairs has adopted dates for the convergence of Indian Accounting Standards with IFRS for insurance companies, banks and non-bank financial institutions and clarified a number of matters.

  • Insurance companies would prepare an opening balance sheet as at 1 April 2012
  • Banking companies will have a phased introduction commencing with an opening balance sheet for some banks at 1 April 2013, some urban co-operative banks (depending on net worth) and regional rural banks would be exempt
  • Non-banking financial companies (NBFCs) will have a phased introduction commencing 1 April 2013, some unlisted NBFCs would be exempt (depending on net worth)
  • Other companies will have a phased introduction commencing 1 April 2011, with some unlisted companies (depending on net worth) and small and medium companies exempt
  • Exempt companies will not be required to apply Indian Accounting Standards converged with IFRS at all, but may opt to do so
  • Full compliance with IFRS 1 would not be required, but companies may elect to provide additional columns with restated information
  • Specific dates have been clarified as the date to test net worth used in the calculations.
Entities complying with Indian Accounting Standards converged with IFRS may not be able to make an explicit and unreserved statement of compliance with IFRS. Click for our Indian jurisdiction page.


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