Reserve Bank of India on March 13, 2020 came out with regulatory guidelines for using Indian Accounting Standards (Ind AS) by Non-Banking Financial Companies (NBFCs) and Asset Reconstruction Companies (ARCs) for preparation of their financial statements from the financial year 2019-20 onwards.
NBFCs/ARCs are also advised to refer to the notified accounting standards, application guidance, educational material and other clarifications issued by the Institute of Chartered Accountants of India (ICAI) besides the specified guidelines.
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