Indian Accounting Standards
MINISTRY of Corporate Affairs has notified the Companies (Indian Accounting Standards) Rules, 2015. They shall come into force on the 1st day of April, 2015. The Companies and their auditors shall comply with the Indian Accounting Standards (Ind AS) in preparation of their financial statements and audit.
The insurance companies, banking companies and non-banking finance companies shall not be required to apply Indian Accounting Standards (Ind AS) for preparation of their financial statements either voluntarily or mandatorily.