Implementing IFRS A case study of Indian Corporate

Abstract

Corporate Regulators in India have made it mandatory for Listed Entities and other newlineentities fulfilling certain criteria, excluding entities in Banking andamp; Insurance Sector, to follow newlineAccounting Standards (IND AS) aligned with International Financial Reporting Standards newline(IFRS) from financial year 2016-17 and onwards, in phases, for existing companies and for newlinenew companies as and when they fulfil requisite criteria, thus making it a continuous process newlinein financial reporting sector. The implementation on Non-Banking Finance Companies newline(NBFC) is mandatory from financial year 2018-19 and onwards, in phases. The newlineimplementation on scheduled commercial banks was scheduled from financial year 2019-20 newlineand onwards, in phases, however, the same has been deferred to a date to be notified. The newlineimplementation on Insurance companies was mandated from financial year 2020-21 and newlineonwards, in phases, however, the same has been deferred to a date to be notified. newline