Transition to Indian Accounting Standards - A Time Bound Mandate

Following the Hon'ble Finance Minister’s announcement on Feb 16, 2015 to introduce new accounting standards which are converged with International Financial Reporting Standards (IFRS), India will now have two sets of Accounting Standards (AS) viz. • Existing Accounting Standards under Companies (Accounting Standard) Rules, 2006 and • Ind AS under Companies (Indian Accounting Standard) Rules, 2015