NFRA’s comments on ICAI ‘Regulatory Impact Assessment’ for revision of Accounting Standards

The Institute of Chartered Accountants of India (ICAI) had submitted to National Financial Reporting Authority (NFRA) an Approach Paper for revision of existing Accounting Standards of Companies that are not required to follow Indian Accounting Standards (Ind ASs). Consequently, NFRA has commended that Revised ASs will be applicable for Companies to whom the Ind Ass are not mandatory. As a result, these Revised ASs will be mandatory to large number of MSMCs and will replace the existing ASs.The Institute of Chartered Accountants of India (ICAI) had submitted to National Financial Reporting Authority (NFRA) an Approach Paper for revision of existing Accounting Standards of Companies that are not required to follow Indian Accounting Standards (Ind ASs). Consequently, NFRA has commended that Revised ASs will be applicable for Companies to whom the Ind Ass are not mandatory. As a result, these Revised ASs will be mandatory to large number of MSMCs and will replace the existing ASs.taxmann.com Latest Statutory HappeningsRead More

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