India Will Meet IFRS Compliance Deadline, Says Gov't Official

Responding to calls for the delay in the implementation of the International Financial Reporting Standard (IFRS), India's Corporate Affairs Minister Salman Khurshid states that the April 2011 will be met and that all issues have been resolved, reports the Business Standard.

 

Khurshid's statement came days after the Federation of Indian Chambers of Commerce and Industry (FICCI) urged the government to delay implementation of compliance with IFRS (International Financial Reporting Standards) from April 1, 2011 to a date when companies are better equipped to deal with the new envisaged accounting concepts and standards.

 

"We have an international commitment to keep and will be well on schedule," the Business Standard quotes Khurshid as saying. "All issues relating to tax implications have been worked out with the Finance Ministry."

 

According to the newspaper, Indian companies will have to prepare their accounts as per the new norm in a phased manner, beginning with companies that have a networth of over Rs 1,000 crore.

 

 

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