ICAI’s way forward for Indian Accounting Standards
ICAI’s way forward for Implementation of Ind AS The Institute of Chartered Accountants of India (ICAI) notes with great pride that the Government has accepted its recommendations with regard to the road map for implementation of Indian Accounting Standards (Ind AS) for companies other than banking companies, insurance companies and NBFCs. ICAI had recommended this road map to the Ministry of Corporate Affairs (MCA) in August 2014, subsequent to the Budget statement of the Hon’ble Finance Minister to implement the Indian Accounting Standards converged with International Financial Reporting Standards on voluntary basis from 1 st April, 2015 and on mandatory basis from 1 st April, 2016. Ever since the notification of Indian Accounting Standards converged with IFRS by MCA in February 2011, the ICAI has been in the process of updating, revising and issuing new Ind AS converged with IFRS issued by the IASB after 201...