Ministry of Corporate Affairs

11.02.2016

Banking

Timeframe for implementation of Ind AS for scheduled commercial banks

MANU/RMIC/0022/2016

The Reserve Bank of India notified scheduled commercial banks are required to comply with Indian Accounting Standards (Ind AS) for accounting periods beginning 1 April, 2018. Ind AS shall be applicable to both standalone financial statements and consolidated financial statements. It can be applied only as per timelines specified and advance adoption is not permitted.

Tags : Indian accounting standards commercial banks implementation

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