ADOPTION OF IND AS ON NBFCS IN INDIA: CHALLENGES AND OPPORTUNITIES

Abstract

The financial reporting landscape has significantly changed, leading to the implementation of Ind AS in India. Non-Banking Financial companies are not an exception. Ministry of Corporate Affairs (MCA) has mandated two phases of the adoption of Ind-As on the NBFCs in India. NBFCs have played a pivotal role in providing financial services in the country.

This paper attempts to analyze the challenges and opportunities involved with adopting Ind AS on NBFCs in India. Further, it also tries to highlight the regulatory framework for NBFC and present an overview of Ind-AS. Through insightful analysis and observation of the existing literature, it also endeavors to put forward suggestions for the successful implementation of Ind-AS on NBFCs in India.