The International Financial Services Centres Authority (IFSCA) vide circular dated July 30, 2021 has issued Accounting Standard to be followed by IFSC Banking Units (IBUs) for the purpose of IFSCA reporting and other compliances. The financial year (accounting period) for the purpose of preparation of financial statements by the IBUs on standalone basis, under the IFRS, shall be taken as the period from April 1 to March 31.The IFSCA may permit an IBU to follow a different financial year(accounting period) based on the specific requests from such IBUs and merits of each case.
The IBUs whose parent banks are following the IFRS, may prepare their standalone financial statements also as per the IFRS, from the beginning of the quarter / half-year starting from October 1, 2021.
