Investors want govt to keep Indian A/c standards close to IFRS

Majority of investors want the government to keep national accounting standards as close to the international norms (called IFRS) as possible, says a survey conducted by the global accounting firm Ernst & Young. According to the report ‘IFRS convergence: an investor’s perspective’, the firm has found that 55 per cent of Indian investors surveyed are willing to accept only a few departures from the IFRS standards set by the International Accounting Standards Board (IASB), while 28 per cent are in favour of full adoption.

It is to be noted that the Corporate Affairs Ministry has recently notified 35 accounting standards that companies will have to follow while preparing their books as per the International Financial Reporting Standard.