IFRS: GOVT NOTIFIES 35 CONVERGED ACCOUNTING NORMS

The Centre has taken a big step towards ushering in the International Financial Reporting Standards (IFRS) era in Corporate India. The Corporate Affairs Ministry announced that it has notified all the 35 Accounting Standards (AS) converged with IFRS. These converged standards will be called as IND AS. But the Corporate Affairs Ministry has stumped corporate observers by announcing that the date of implementation of the IND AS will be notified by the Ministry at a later date.