With International Financial Reporting Standards (IFRS) to be made mandatory from April 1 next year, the Institute of Chartered Accountants of India and National Advisory Committee on Accounting Standards have drawn up all but three standards to be followed.
Stating that notification by the government on the accounting standards may be issued in December, ICAI Vice-President G Ramaswamy told PTI, “We and NACAS have cleared 34 standards out of 37 proposed to be notfied by the government in the near future.”
“IFRS 1, the standard on first time adoption of IFRS is pending with NACAS and is expected to be cleared by them in the next meeting on September 13,” he said.
Once all 37 IFRS standards are cleared by NACAS, they would be sent to the Ministry of Corporate Affairs for notification, Ramaswamy said.
