IFRS/NFRS Implementation

International Financial Reporting Standards (IFRS) is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB). The Accounting Standards Board of Nepal has developed Nepal Financial Reporting Standards (NFRS) in compliance with the IFRS.

The Institute of Chartered Accountants of Nepal (ICAN) has rolled out phase-wise implementation of NFRS beginning from the Nepali Fiscal year 2014/15.

As per the latest notice published by ICAN on 25 July 2021 (2078 Shrawan 10), the mandatory effective date of NFRS for SMEs has been extended and applicable from 1 Shrawan 2080 (17 July 2023) onwards i.e from FY 2080-81 (FY 2023-24). Though adoption of NFRS for SMEs voluntarily before such mandatory effective date is recommended by ICAN.

ERSA boasts a team of seasoned professionals dedicated to guiding clients through the significant adjustments necessary for implementing NFRS and navigating the initial implementation process. We stand ready to support management in successfully implementing NFRS.