“The deferment creates uncertainty from the perspective of application of reforms in a time bound manner. Ind AS 109 has more comprehensive accounting principles to deal with financial instruments and therefore, would be beneficial for the banks in the long run. Further, the deferment would mean that while banks shall continue to report using Indian GAAP and prudential norms, NBFCs, HFCs meeting the threshold would move to Ind AS, creating a disparity within the financial services sector.”