India is studying full adoption of IFRSs
Oct 15, 2006
The Institute of Chartered Accountants of India (ICAI) has set up a task force to explore the possibility of adopting all International Financial Reporting Standards in full, without modification, as Indian standards.
In the globalised economic scenario, several multinational companies are establishing subsidiaries in India and many Indian companies are forming subsidiaries abroad. Flow of investments in the international scene clearly indicates that the stakeholders are spread across the globe. As the geographical barriers are vanishing, e-commerce is enlarging, and as raising of capital in foreign markets is increasing, the need for examining the issues relating to convergence of Indian Accounting Standards with International Accounting Standards is assuming greater significance. We are in touch with the IASB in this regard besides considering this issue internally. Recently, a task force has been constituted to consider the challenges involved and to prepare a road map for this purpose.