New Delhi: A meeting of the core group constituted by the ministry of corporate affairs for convergence of Indian Accounting Standards with the International Financial Reporting Standards (IFRS) gave its recommendations on the convergence of insurance, banking and non-banking finance committee on Monday.
Accordingly, all insurance companies will convert their opening balance sheet as on 1 April 2012. All scheduled commercial banks and urban co-operative banks having a net worth in excess of Rs300 crore will convert on 1 April 2013 and urban cooperative banks having a net worth between Rs200-300 crore will convert on 1 April 2014.
All non-banking finance companies (NBFC) which are listed on the Bombay Stock Exchange and the National Stock Exchange and those with a net worth of Rs1,000 crore will convert their balance sheet on 1 April 2013. All listed NBFCs and unlisted ones having a net worth in excess of Rs500 will converge on 1 April 2014.