Friday, July 15, 2011

GOVERNMENT PLANS MORE CHANGES IN IFRS (IND AS)

The government is planning to introduce additional changes to global accounting standard, IFRS, to make it more palatable for Indian companies, overriding the international opposition to amendments already made. Such a move will extend the eventual migration by Indian companies to the global standard and also insulate local firms from any short-term capital market shocks that may arise due to erosion in valuations. However, any changes to the Indian version of the International Financial Reporting Standards (IFRS) will take time as the government will initially look at some of the revisions being suggested globally, specially by the developed markets of US and Japan, before finalising the road map. Secretary, ministry of corporate affairs told that we have to see how IFRS will meet our requirements. Our markets are different, our standards are differents.

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