Non-Banking Financial Companies (NBFCs) are going to adopt new Indian Accounting Standards (Ind-AS) from April 1, confirmed the Ministry of Corporate Affairs.
In a core group meeting called on May 25, the ministry discussed the implementation of new Indian Accounting Standards (Ind-AS) for the NBFCs. The confusion on the implementation came to the light after Reserve Bank of India chose to defer Ind-AS implementation for banks by a year.
However, RBI’s stand on NBFCs was uncertain. The National Housing Bank (NHB), the regulator for housing finance companies, later clarified the matter for its members.
The Finance Industry Development Council (FIDC), an umbrella body for NBFCs, are pitching for implementation of these new accounting standards to match the global benchmarks accepted International Financial Reporting Standards (IFRS).
The core meeting was also attended by representatives of the RBI, the National Advisory Committee on Accounting Standards (NACAS), the Department of Financial Services, NHB and FIDC officials.
Industry bodies namely FICCI, CII and Assocham also participated in the meeting. The NHB had also attended the meeting.