The government has amended rules pertaining to various Indian Accounting Standards (Ind AS), including those related to interest rate benchmark reform. Ind AS are converged with the International Financial Reporting Standards (IFRS). On Friday, the corporate affairs ministry notified the Companies (Indian Accounting Standards) Rules, 2021. The changes have been made after consultations with the National Financial Reporting Authority (NFRA). Under the revised rules, entities are required to...

The RBI has asked banks, financial institutions and NBFCs to reclassify micro, small and medium enterprises on the basis of the new criteria. Last month, the government notified new criteria for classification of micro, small and medium enterprises (MSMEs) on the basis of turnover and investment in plant and machinery. “We advise you to initiate necessary action for reclassification of enterprises as per the new definition w.e.f July 1, 2020 and issue necessary instructions to your b...

The International Accounting Standards Board (IASB) on Wednesday flayed India's dilly-dallying on implementing global accounting norms IFRS and said that it is undermining the country's global standing.   "New Delhi needs to curb its anxiety to be different and stop mongering about the many unsubstantiated differences and instead should get into an honest dialogue with the IASB," said Prabhakar Kalavacherla, a board member of the London-based IASB.   He was addressing the third Int...

Majority of investors want the government to keep national accounting standards as close to the international norms (called IFRS) as possible, says a survey conducted by the global accounting firm Ernst & Young. According to the report 'IFRS convergence: an investor's perspective', the firm has found that 55 per cent of Indian investors surveyed are willing to accept only a few departures from the IFRS standards set by the International Accounting Standards Board (IASB), while 28 per ce...

The implementation of the International Financial Reporting Standards , or IFRS , has been put off for now, but the government is pressing ahead with the reforms in the way companies present their financials. The Corporate Affairs Ministry has made it mandatory for large companies to prepare their financials as per a revised format that is expected to provide greater clarity about their finances and liquidity position. For companies, it will mean that the annual accounts filed for the fisca...