New accounting norms: Core committee to meet on Aug 23

The suspense on when the newly drafted Indian Accounting Standards, known as Ind-AS, will come into force may soon be over.A high-level core committee, comprising representatives of various regulators — Reserve Bank of India, Securities and Exchange Board of India, Insurance Regulatory and Development Authority and the Corporate Affairs Ministry — will meet on August 23 to decide the roadmap for Ind-AS implementation, said Renuka Kumar, Joint Secretary in the Ministry of Corporate Affairs.The core committee’s recommendations will be forwarded to Corporate Affairs Minister Sachin Pilot, who will take a final call on the implementation date, she added.Ind-AS are a set of accounting standards framed by India to converge itself with the International Financial Reporting Standards (IFRS), a set of globally recognised accounting standards.

Source : The Hindu Business Line