Should we prepare AS or IFRS for CA Final May 2011

u ll have to read the converged accounting standards(Convereged AS in line with corresponding IFRS/IAS ). So far only few have converged and rest are in exposure draft stage and few yet to be rolled out. 

I would suggest you to use MPV's book for accounting standards. In which difference has been drawn for each and every standard with the corresponding IAS/IFRS. Institute material should also be given a reading.