A meeting of the Core Group constituted by the Ministry of Corporate Affairs for convergence of Indian Accounting Standards with the International financial Reporting Standards (IFRSs) from the year 2011 was held on 11th January, 2010 and on 29th March, 2010 under the chairmanship of Shri R. Bandyopadhyay, Secretary , Ministry of Corporate Affairs. These meetings were attended by the officials from Ministry of Finance, SEBI, RBI, IRDA C&AG, PFRDA, ICAI, Industry Representatives and other experts.
2. On the basis of the deliberations taken place in the meeting on 11th January, 2010, a Press Release (No.2/2010) related to the roadmap for application of the converged Indian Accounting Standards by companies (other than Banking companies, Insurance companies and Non-Banking finance companies) was issued on 22nd January,2010. Further, on the basis of the deliberations taken place in the meeting on 29th March, 2010, a Press Release (No.3/2010) related to the roadmap for the application of the converged Indian Accounting Standards by the Banking companies, Insurance companies and Non-Banking finance companies was issued on 31st March, 2010. Both the Press Releases are available on the Ministry’s website at www.mca.gov.in.
3. In response to the requests seeking clarifications on the roadmaps issued, a consolidated statement on clarifications is being annexed with this Press Release.
Dated the 4th May, 2010
Ministry of Corporate Affairs
The Press Information Officer, Press Information Bureau, Ministry of Information and Broadcasting, with the request that the above mentioned Press Note may be given wide publicity.
Joint Secretary to the Government of India
Read Full release :- Press Release Issued by MCA on roadmap for Convergence with IFRS