IFRS

The Institute of Chartered Accountants of India (ICAI) has said that the agriculture companies might not have to converge fully with international financial reporting standards (IFRS) and a part of their convergence process would be deferred by anoth Full Article

The government will stick to its April 1 deadline for 300 large companies to align their accounts with global financial reporting norms, despite concerns raised by an industry lobby. “India will have to honour the commitment made at the G20 summit,” Full Article

A Group for identifying direct tax issues arising from convergence of Indian Accounting Standards (IAS) with International Financial Reporting Standards (Ind AS) was constituted by the ICAI, which comprised both of members of the Council of the Insti Full Article

FICCI has urged the Government to defer the date of implementation of compliance with IFRS (International Financial Reporting Standards) by India Inc. from April 1, 2011 to a date when companies are better equipped to deal with the new envisaged acco Full Article

The accounting regulator, Institute of Chartered Accountants of India (ICAI), has taken strong exception to the corporate sector's demand for deferring the implementation of the International Financial Reporting Standards (IFRS). It feels that the ac Full Article

Improves investor confidence across the world with transparency and comparability Improves inter-unit/ inter-firm/inter-industry comparison Group consolidation made easy with same standard by all companies in group wherever located Acceptability of f Full Article

As a part of the G-20 commitment made in September, 2009, India which is a Member Country, inter-alia, agreed on redoubling the efforts to achieve a single set of high quality, global accounting standards within the context of their independent stand Full Article

Corporate India is likely to switch to the new accounting system as per schedule as all pending issues related to tax implications required for convergence with International Financial Reporting Standards (IFRS) have been addressed by the finance min Full Article