India's Roadmap to Converge with the IFRS (For Insurance, Banking & NBFC'S Companies)

Insurance Companies : For all the Insurance companies date of transition : 01st April,2012.

Banking Companies : 

1) Scheduled Commercial Banks, Urban Co-operative Banks having Networth in excess of Rs.300crs date of transition will be 01st April, 2013.

2) Scheduled Commercial Banks, Urban Co-operative Banks having Networth in excess of Rs.200crs but not in excess of Rs.300crs  date of transition will be 01st April, 2014.

3)) Scheduled Commercial Banks, Urban Co-operative Banks having Networth not exceeding  Rs.200crs and all the Regional Rural Banks  will be covered under second set of Accounting Standards and there will be no convergence.

Non Banking Financial Institutions (NBFC's) 

1) Companies which are part of NIFTY 50/SENSEX 30 and companies whether listed or not having Networth in excess of Rs.1000crs for them Date of Transition : 1st April,2013.

2) All listed and unlisted NBFC's which do not fall in the above category and which have Networth in excess of 500crs for them Date of Transition : 1st April,2014.


3) Unlisted NBFC's having net worth of Rs.500 crores or less will be exempt from convergence and will be covered in second set of Accounting Standards.


Other Notes : ICAI will issueand submit the converged Indian Standards with IFRS to NACAS (National Advisory Committee  on Accounting Standards) by 30th June, 2010 for subsequent notification by the Ministry Corporate Affairs.