October 2018

From Published Accounts

Himanshu V. Kishnadwala
Chartered Accountant

Accounting and disclosure regarding application of Ind AS by companies in the Non-Banking Financial Sector (NBFC) for the quarter ended 30th June 2018


Compilers’ Note: As per the transition notification of Ministry of Company Affairs (MCA), Ind AS became applicable to Non-Banking Financial Companies (NBFCs) with effect from 1st April 2018 with a transition date of 1st April 2017. Given below are the disclosures in unaudited results of Quarter ended 30th June 2018 by few NBFCs.


Bajaj Finance Ltd

1.   The company has adopted Indian Accounting Standards (‘IndAS’) notified u/s. 133 of the Companies Act, 2013 (“the Act”) read with the Companies (Indian Accounting Standards) Rules, 2015, from 1st April, 2018 and the effective date of such transition is 1st April, 2017. Such transition has been carried out from the erstwhile Accounting Standards notified under the Act, read with relevant rules issued thereunder and guidelines issued by the Reserve Bank of India (‘RBI’) (collectively referred to as “The Previous GAAP”). Accordingly, the impact of transition has been recorded in the opening reserves as at 1st April, 2017 and the corresponding figures presented in these results have been restated/ reclassified.


There is a possibility that these financial results for the current and previous periods may require adjustments due to changes in financial reporting requirements arising from new standards, modifications to the existing standards, guidelines issued by the Ministry of Corporate Affairs and RBI or changes in the use of one or more options exemptions from full retrospective application of certain IndAS permitted under IndAS-101.


2.   As required by paragraph 32 of IndAS


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