IFRS TO BE MANDATORY

Institute of Chartered Accountants of India (ICAI) council decided to converge the Indian standards with international financial reporting standards (IFRS) issued by the International Accounting Standards Board from the accounting period starting April 1, 2011. The IFRS will become mandatory with effect from April 1, 2011 and will be optional for earlier adoption by corporates w.e.f. 1st April, 2008. Significant changes in accounting practices and techniques, including for revaluation of fixed assets, can be expected with the ICAI giving a go ahead to converge the Indian accounting standards with international standards from April, 2011.