India to Stick to Convergence Roadmap

Despite somes issues that still need to be addressed, India will still stick to the roadmap laid for the convergence of Indian standards with the International Financial Reporting Standards, says the Economic Times, citing the Corporate Affairs Ministry.


The Times says that while companies with a turnover of more than Rs 1,000 crore will converge by 2011, the industry and accountants still need to work on fair value concepts and other issues like depreciation. "Users are for the fair value concept, while accountants prefer the historical concept," Deloitte Haskins & Sells Chairman N P Sarda told the Times.


Suggested Articles

Some of you might have already been aware of the news that Questex—with the aim to focus on event business—will shut down permanently all media brands in Asia…

Some advice for transitioning into an advisory role

Global risks are intensifying but the collective will to tackle them appears to be lacking. Check out this report for areas of concern