Ministry of Corporate Affairs to hold discussions with representatives of ICAI on new accounting standards tomorrow

NEW DELHI: To push forward implementation of the new accounting standards, the Ministry of Corporate Affairs is likely to hold discussions with representatives of ICAI, the apex body of chartered accountants, tomorrow.

The government has proposed implementing the Indian Accounting Standards (Ind AS) that is converged with international norms, mandatorily from 2016-17 financial year.

The Institute of Chartered Accountants of India (ICAI) has been working on Ind AS for quite sometime.

According to a source, the Ministry is scheduled to have a meeting with ICAI here tomorrow to discuss the way forward for implementation of Ind AS.

Finance Minister Arun Jaitley, in his Budget speech on July 10, had said there was an urgent need to converge the current Indian accounting standards with IFRS.

"I propose for adoption of the new Indian Accounting Standards (Ind AS) by the Indian companies from the financial year 2015-16 voluntarily and from the financial year 2016-17 on a mandatory basis," he had said.

Jaitley is also Corporate Affairs Minister. The timelines for implementation of Ind AS for the financial services sector, including banks and insurance companies would be separately notified by the respective regulators.

The new norms are converged with International Financial Reporting Standards (IFRS), which is being followed in over 100 countries.