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.

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