In order to help India become an International Financial Reporting Standards (IFRS)-converged country, as part of its G-20 commitments, Institute of Chartered Accountants of India (ICAI) has finalised the road map for the implementation of Indian Accounting Standards (Ind AS) starting April 1, 2016. A proposal to this effect has been sent to the ministry of corporate affairs for its consideration, ICAI officials said.
As per the roadmap, the consolidated financial statements of listed companies and unlisted companies, having net worth in excess of R500 crore, will be prepared as per Ind AS from the accounting year beginning on or after April 1, 2016 with previous year comparatives in Ind AS for the year 2015-16, the ICAI said.

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