Accounting Standard to be followed by IFSC Banking Units (IBUs) By Anand Gupta TaxGuru

Accounting Standard to be followed by IFSC Banking Units (IBUs) It is advised that IBUs shall follow the IFRS accounting standards issued by the IASB, including any new amendments thereto, for preparing and maintaining its financial statements on standalone basis and for the purpose of reporting and compliance under the relevant IFSCA regulations, rules, directions, circulars and guidelines applicable for IBUs.

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