The Corporate Affairs Minister said his ministry was looking at meeting the April 2011 deadline for the transition of Indian accounting practices to the International Financial Reporting Standards (IFRS).
Last year, the Prime Minister’s Office had asked the Ministry of Corporate Affairs for further consultations. PMO had desired that we do further consultations (with the industry). The additional consultations which we were called for are over and we have already made our report, the Minister said while speaking at the Bombay Stock Exchange on the India Corporate Week event.
A large number of companies have endorsed our move towards IFRS, “but there are some companies who had concerns on tax consequences,” he said.
He said there was considerable improvement being made in the Companies Bill. “We are working on the Bill and tightening rules for minority shareholders to give them a strong voice. The Bill will have maximum disclosures and transparency for minority shareholders,” added the Minister.