But India in no hurry to converge with IFRS

Author : DNA Business Bureau

Content : The announcement by the Institute of Chartered Accountants of India (ICAI) in July last year notwithstanding, India may stop short of full convergence with the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board.
Anurag Goel, the secretary, ministry of corporate affairs has said recently that the country will not adopt it blindly. "We will retain the rights to look at IFRS, to adopt or adapt it looking at the ground level realties in the country," he said at a seminar organised by PHD Chamber of Commerce and Industry on August 2.
"Because the moment you adopt IFRS, it is not question of adopting as it is today. It is a question of accepting any changes which would come. This is something that is not acceptable to us," Goel said.
ICAI president Ved Jain could not be reached for comments despite repeated attempts.

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

5826 Views Comment Share Community & General Report

News posted by

CCI News Desk

Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

Comments