This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

India plans to converge its GAAP with IFRSs

  • India Image

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).


Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.