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Recent financial reporting developments in India

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09 Jul 2019

Ind AS application has once again been deferred for Indian banks, a new Ind AS 116 'Leases' has been notified, and several new publications by the ICAI are available.

The Reserve Bank of India (RBI) has announced that it has again deferred the implementation of Ind AS. According to the notice, the deferment was necessary as amendments to the Banking Regulation Act of 1949 have still not been made. This is the second delay after the new rules were originally scheduled to be implemented by 1 April 2018. The deadline was extended for one year last April, and now the implementation has been deferred without an implementation date being specified, pending new legislation. Therfore, banking, insurance and non-banking finance companies are still exempt from applying Ind AS. Please click for the notice on the RBI website.

The Indian Ministry of Corporate Affairs (MCA) has notified Ind AS 116 Leases, applicable from 1 April 2019. The new standard replaces the existing standard Ind AS 17 Leases and interpretation/guidance contained in its appendices. Ind AS 116 is based on IFRS 16 Leases. Please click to access the notification, which includes the full text of the standard, on the MCA website.

The Institute of Chartered Accountants of India (ICAI) has published the following updated and new publications (all links to the ICAI website):

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