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India plans to converge its GAAP with IFRSs

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25 Jul 2007

The Council of the Institute of Chartered Accountants of India (ICAI) has announced a plan to converge Indian Accounting Standards with International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board.

However, the ICAI noted that it may make modifications to IFRSs to reflect "the Indian conditions". The new standards will be effective for accounting periods beginning on or after 1 April 2011. They would be required for all listed companies as well as banks, insurance companies, and large-sized entities. Government approval of the plan is required.

Click for IASB Press Release (PDF 268k).

 

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