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Charter Accountancy

2018-05-01

Notice regarding applicability of Nepal Financial Reporting Standards (NFRS)

The notice regarding applicability of Nepal Financial Reporting Standards (NFRS) issued by ICAN is as follows:

The entities to which NFRSs shall be applicable and the financial year in which fully NFRSs complied Financial Statements to be prepared shall be as follows. However NFRS-9, Financial Instrument shall be applicable with effect from 16 July, 2015 onwards.

Type

Entities Requiring adoption of NFRS

NFRS Complied Financial Statements

A

1.  Listed Multinational Manufacturing Companies
2. Listed State Owned Enterprises (SOEs) with minimum paid up capital of Rs. 5 billions (except Banks and Financial Institutions under BAFIA  Act, 2006)

 

2014-15

B

 1. Commercial Banks, including State Owned Commercial Banks;
 2. All other Listed State Owned Enterprises (SOEs)

2015-16

C

1.        All other Financial Institutions not covered under A & B above

2.        All other SOEs

3.        Insurance Companies

4.        All other Listed Companies

5.        All other Corporate Bodies/Entities not defined as SMEs.

 

2016-17

D

 NFRS for SMEs  (SMEs as defined and classified by ASB)

2019-20

NOTE:

1.   Early implementation of NFRSs is encouraged/ recommended.

  2.   Until the implementation of NFRS as per above schedule, existing NASs shall continue to be effective to such entities.

 

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