What is the difference between Convergence with IFRS and Adoption of IFRS? India is going for Convergence of its AS with IFRS or for adoption of IFRS in toto.
1 Replies
V AGARWAL
(Director)
(177 Points)
Replied 15 June 2010
The adoption of IFRS means that the SEBI sets a specific agenda when publicly listed companies would be required to use IFRS.
Convergence is the Indian Accounting Accounting Standards Board and the International Accounting Standards Board (IASB) working together to develop well-matched accounting standards over time.
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