MCA issues clarification on implementing of IND AS
The Ministry of Corporate Affairs (MCA) has issued General Circular No 10/2017 Dated 13.09.2017 and made Clarification in Rule 4 of Companies (Indian Accounting Standards) Amendment Rules 2016. MCA has clarified that If any Holding Company is Covered by Corporate Sector Roadmap for implementing IND AS, then that Company shall follow the Corporate Sector Roadmap , and Such Holding Company having a Small Finance Company or Payment Bank as its Subsidiary , Then Such Subsidiary Shall follow the Corporate Sector Roadmap and Provide Finance Statement to its holding company For Consolidation of Financial Statement.