Applicability
The MCA on March 30, 2016 notified the Companies
(Indian Accounting Standards) (Amendment) Rules, 2016, which includes a road
map for implementation of Indian Accounting Standards (Ind AS) by Non-Banking
Financial Companies (NBFCs) (NBFC road map). NBFCs will be required to comply
with Ind AS in a phased manner, from accounting periods beginning on or after 1
April 2018 for the first phase and 1 April 2019 for the second phase.
Phase I
From April 01, 2018, onwards, with comparative
figures for the periods ending on or after 31 March 2018:
- NBFCs having net worth of INR 500 crores or more, and
- The holding, subsidiary, joint venture or associate companies of the above, other than those companies already covered under the road map for companies issued by MCA (corporate road map) in February 2015.
Phase II
