Services

Nepal Financial Reporting Standards

(NFRS)

At S.B. Thakali & Associates, we offer comprehensive advisory and support services for the implementation of Nepal Financial Reporting Standards (NFRS) — Nepal’s localized version of the International Financial Reporting Standards (IFRS). NFRS adoption enhances financial transparency, comparability, and credibility, helping your business meet both local and international expectations. We assist businesses throughout their NFRS journey, offering the following NFRS services:
  • NFRS full (Nepal Financial Reporting Standard)
  • NFRS for SME (Small and Medium Enterprises)
  • NFRS for ME (Micro Enterprises)
  • NAS for NPO (Not-for-Profit Organisation)
Nepal Financial Reporting Standards related image
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NFRS Gap Assessment

We conduct a detailed analysis of your current financial reporting practices to identify differences with NFRS and areas needing adjustment.

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Staff Training & Awareness

We deliver tailored training programs to accounting, finance, and management teams, ensuring they fully understand NFRS principles and implications.

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Financial Statement Preparation

We help you prepare NFRS-compliant financial statements with proper notes and disclosures, including transitional adjustments.

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Ongoing Support

We provide post-implementation support, advisory for new standards, audit preparation, and disclosure reviews.

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Conversion of Accounting Policies

Our team helps update your existing accounting policies to align with relevant NFRS or NFRS for SMEs standards, including treatment of: Financial instruments, Revenue recognition, Leases (NFRS 16), Impairment and fair value assessments, Group accounting, and more.

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Implementation Roadmap & Planning

We create a custom roadmap outlining how your organization will transition to NFRS or NFRS for SMEs, with defined timelines, resources, and action items.

NFRS Implementation Timeline in Nepal

The Accounting Standards Board (ASB) Nepal introduced NFRS in a phased manner. Different entities are required to comply based on their classification and scale:

  • Listed Companies: FY 2015/16
  • Class A, B, C Financial Institutions (Banks & FIs): FY 2015/16
  • Insurance Companies: FY 2016/17
  • State-Owned Enterprises (turnover > Rs. 1 billion): FY 2016/17
  • Other State-Owned Enterprises: FY 2017/18
  • Other Public Interest Entities: FY 2018/19
  • SMEs – NFRS for SMEs: FY 2020/21
Note: SMEs are required to adopt NFRS for SMEs, a simplified framework that reduces complexity while maintaining compliance with core reporting standards. This is applicable to entities that are not public interest entities and meet thresholds set by ASB Nepal.