The Union Government has laid out the roadmap for implementation of Indian accounting standards (Ind AS) based on International financial reporting standards by Indian banks, financial institutions and insurance companies.

All commercial banks (excluding regional rural banks, All-India Term-lending Refinancing Institutions such as Exim Bank, NABARD, NHB and SIDBI), insurers and non-banking financial companies are required to comply with the new accounting standards from April 1, 2018.

Urban cooperative banks will also be exempted from compliance with Ind AS.