RBI vide notification no. RBI/2019-20/170 dated March 12, 2020, it has been issued that NBFCs are required to comply with Indian Accounting Standards (Ind AS) for the preparation of their financial statements. To promote high quality and consistent implementation as well as facilitate comparison and better supervision, the RBI has framed regulatory guidance on Ind AS given in the Annexure to the Notification which will be applicable on Ind AS implementing NBFCs and Asset Reconstruction Companies (ARCs) for preparation of their financial statements from the financial year 2019-20 onwards.
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