Banks, insurers to align with global accounting rules from April 1, 2018

The Centre has announced the much-awaited road map for implementing the Indian Accounting Standards (Ind AS) by Banks, Insurers and Non-Banking Finance Companies (NBFCs) for accounting periods beginning April 1, 2018. This would have to be done with comparatives ending
March 31, 2018 or thereafter. The road map would also apply to all-India term-lending refinancing institutions, such as Exim Bank, NACAS, NHB and SIDBI.