Wednesday, December 16, 2009

India Inc wary of convergence with IFRS

Making clear its commitment to converge Indian accounting norms with International Financial Reporting Standards (IFRS) by 2011, the government recently said all concerns of the industry would be addressed before convergence takes place. The industry fears that there is not enough preparedness in terms of training as far as IFRS is concerned. The Institute of Chartered Accountants of India has still not legally notified the syllabus containing IFRS and the tax implications of the convergence are still not known. (Read the article India Inc wary of convergence with IFRS at Indian express.com)