Tuesday, November 27, 2007

India - Concept Paper on Convergence with IFRS

The Institute of Chartered Accountants of India (ICAI) has published a Concept Paper on Convergence with IFRS in India. The paper proposes that IFRS should be adopted by public interest entities (such as listed entities, banks and insurance entities) and large-sized entities for accounting periods beginning on or after April 1, 2011. The ICAI is responsible for the Accounting Standards Board (ASB) which currently issues accounting standards that are based on IFRS but contain modifications to reflect the legal and economic environment in India.