India's Financial Sector May Get More Time to Adopt IFRS

To help India's financial sector fully prepare for the convergance with international accounting standards, the corporate affairs ministry proposes that all commercial banks and urban co-operative banks having a net worth of more than Rs 300 crore be allowed to prepare their balance sheet as per international standards from April 1, 2013, reports the Indian Express.


Quoting sources, the Express notes insurance companies have been given a timeline of April 1, 2012 for converting their opening balance sheet in compliance with accounting standards that have been converged with International Financial Reporting Standard (IFRS).


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