Indian accounting standards to be made viable globally
The Dollar Business Bureau India is planning a new accounting standard that will bring it at par with more than 105 countries where International Financial Reporting Standards are mandatorily followed in a month’s time. The standards to be implemented voluntarily to the companies of financial year 2015-16 and on a mandatory basis from 2016-17 for all listed entities of over Rs 500 crore have been given in principle approval by The National Advisory Committee on Accounting Standards. “The notification for Ind-AS is going to happen in a month,” Ministry of Corporate Affairs Joint Secretary A S Bhatia said on the side-lines of a seminar on corporate governance organised by the CII and the Institute of Cost Accountants. The government’s commitment to adopt Ind-AS will further strengthen ...
