IndAS notified - Accounting Revolution in India

Moving closer to the implementation of new accounting norms, the government has notified the rules for Indian Accounting Standards (Ind AS), which will be mandatory for certain companies from the accounting periods beginning on or after April 1, 2016.

Ind ASs, which are converged with global standards IFRS, can be followed by corporates on a voluntary basis for accounting periods beginning on or after 1st April, 2015, with the comparatives for the periods ending on 31st March, 2015. Mandatory applicability of these standards is discussed below.

Please note that banking, insurance and non-banking finance companies are currently exempted from the roadmap.

Companies with obligation to comply with Indian Accounting Standards (Ind ASs) for the accounting periods beginning on or after 1st April, 2016

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‘Digital India – Decoding it”

WE NEED FOOD. We need power. We need water. But as the year 2014 has been declared by the government as the year for “DIGITAL INDIA,” we demand an uninterrupted supply of broadband as well. The mayor of San Francisco once said Wi-Fi was a fundamental human right. I’m going along those lines—not quite, but close.

“The citizens of India have mobile phones in their hands, they have mobile connectivity, but can we walk in the direction of mobile governance? We have to move in a direction where every poor person is able to operate his bank account from his mobile, is able to demand various things from the government, can submit applications, can conduct all his business, while on the move, through mobile governance and if this has to be done, we have to move towards `digital India` and if we have to move towards `digital India` then we have a dream” said the Prime Minister in his hour-long extempore speech addressing the nation from the ramparts of the Red Fort on the 68th Independence Day.

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