India is studying full adoption of IFRSs

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15 Oct 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.

The 11-member task force is chaired by S C Vasudeva, chairman of ICAI's accounting standard board. It will develop a concept paper on adoption of IFRSs in India. Currently, many ICAI standards reflect modifications of IFRSs. The task force was announced in the October 2006 message to members from the President of the ICAI, T N Manoharan:

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.


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