NFRS
Adoption Timeline of NFRS
The entities to which the NRFS shall be applicable and financial year in which fully NFRS complied financial statement to be prepared shall be timelined as follows:
| From Financial Year 2014-15 |
From Financial Year 2015-16 |
From Financial Year 2016-17 |
From Financial Year 2023-24 |
|---|---|---|---|
| Type A | Type B | Type C | Type D |
| Listed Multinational Manufacturing Companies | Commercial Banks, including State Owned Commercial Banks; | All other Financial Institutions not covered under A & B above | NFRS for SMEs (SMEs as defined and classified by ASB) |
| Listed State Owned Enterprises (SOEs) with minimum paid up capital of Rs. 5 billion (except Banks and Financial Institutions under BAFIA Act, 2006) | All other Listed State Owned Enterprises (SOEs | All other SOEs | |
| Insurance Companies | |||
| All other Listed Companies | |||
| All other Corporate Bodies/Entities not defined as SMEs or entities having borrowing with minimum of Rs.500 million. |
