CA INSTITUTE CLEARS 7 ACCOUNTING NORMS FOR IFRS CONVERGENCE

The CA institute has modified as many as seven accounting standards to converge them with the
existing International Financial Reporting standards (IFRS). The seven accounting standards that have been modified and cleared include the one disclosure of accounting policies (AS1); Valuation of Inventories (AS2); Cash flow statement (AS3); Accounting for Government Grants (AS 12); and Borrowing Costs (AS16).