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Ind AS application deferred for Indian banks

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06 Apr 2018

The Reserve Bank of India (RBI) has deferred Ind AS application for banks by one year citing the lack of necessary legislative amendments and the lack of preparedness of many banks.

Banking, insurance and non-banking finance companies were exempt from the general roadmap for the adoption of Indian Accounting Standards (Ind AS), which are largely converged with International Financial Reporting Standards (IFRSs), and had been given their own adoption approach with Ind AS adoption beginning from 1 April 2018. However, a Statement on Developmental and Regulatory Policies published by the RBI on 5 April 2018 announced that "it has been decided to defer implementation of Ind AS by one year".

Please click to access the statement on RBI website.

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