Saturday, January 15, 2011

FINMIN: ENFORCE IFRS ONLY FOR CONSOLIDATED ACCOUNTS

The finance ministry has taken the view that the International Financial Reporting Standards (IFRS) needs to be adopted only on consolidated accounts of corporate groups as is the practice in Europe. It feels the proposed fair-value-based accounting regime cannot be enforced on a standalone basis to individual firms as has been recommended by the accounting rule maker ICAI and the corporate affairs ministry.

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