India announces convergence with IFRS

The Institute of Chartered Accountants of India (ICAI) has decided to fully converge with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board for accounting periods commencing on or after April 1, 2011. Like Australia, New Zealand and countries in the European Union, the IFRS will be adopted for the listed entities and other public interest entities such as banks, insurance companies and large-sized entities. The decision is an important milestone in achieving full convergence with IFRS as India will join 102 countries which presently require or permit use of IFRS. By 2011, the number is expected to reach 150. (View the IASB Press Release).