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India finalises IFRS-converged standards, implementation date yet to be announced

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27 Feb 2011

The Indian Ministry of Corporate Affairs (MCA) has issued 35 Indian Accounting Standards (Ind AS) that are converged with International Financial Reporting Standards and announced their 'phased implementation' once certain Indian tax and other issues have been resolved.

Consistent with our earlier story, the Ind AS are based on IFRSs, but include some changes which are noted in the appendix to each standard. Some of the modifications may prevent an entity following Ind AS from making an explicit and unreserved statement of compliance with IFRSs (Ind AS 1 Presentation of Financial Statements requires a statement of compliance with Ind AS, not IFRSs).

The MCA press release accompanying the release of the standards notes the following in relation to application of the Ind AS:

"The Ministry of Corporate Affairs will implement the IFRS converged Indian Accounting Standards in a phased manner after various issues including tax related issues are resolved with the concerned Departments. It would be ensured that the implementation of the converged standards in a phased manner is smooth for the stakeholders. The date of implementation of the Ind AS will be notified by the Ministry at a later date."

India had previously announced a plan to begin a phased implementation of the new standards beginning from 1 April 2011. It is possible the revised effective date(s) for implementation may be announced soon after the Indian Government presents its budget. Click for:

 

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