RBI defers implementation of Ind AS till further notice

RBI defers implementation of Ind AS till further notice

• The Reserve Bank of India has deferred the implementation of Indian Accounting Standards (Ind AS) till further notice. Earlier Ind AS was to be implemented by Scheduled Commercial Banks (SCBs), excluding Regional Rural Banks (RRBs) till April 01, 2019.

• The deferment has been made mainly due to two reasons: pending necessary legislative amendments to the Banking Regulation Act, 1949 and secondly due level of preparedness of many banks.

Points to remember:

1. Which banks are not required to comply with Indian Accounting Standards (Ind AS)?
2. Deadline for Ind AS? – No deadline as of now
3. The Ministry of Corporate Affairs (MCA), Government of India has notified the Companies (Indian Accounting Standards) Rules, 2015 on February 16, 2015.