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.
But India in no hurry to converge with IFRS
Last updated: 26 May 2021
Follow on
Google News
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
Recent News :
- Over 1.7 Crore Taxpayers Filed ITRs for AY 2026-27
- CBIC Allows Extension Beyond 2-Year Limit Under Customs Notification 8/2016
- CBDT Notifies TDS Exemption for Specified Payments to IFSC Units Under Income Tax Act 2025
- ICAI Renews MRA with CPA Australia to Boost Global Mobility for Accountants
- Income Tax Department Releases ITR-7 Excel Utility for AY 2026-27
- CBDT Authorises DGIT (Systems) to Upload Global Financial Information in AIS Under Income Tax Act, 2025
- ICAI Invites Public Comments on Revised Guidance Note for Tax Audit under Section 44AB of IT Act 1961
- MCA Extends CCFS-2026 Deadline to 31st August 2026 Amid Data Centre Restoration
- ITR-5 Excel Utility for AY 2026-27 Released
- PFMS Users Can Now Authenticate Using PAN or Bank Account Under Revised Aadhaar Rules
Popular News
- GSTN Revises Amendment of Aggregate Annual Turnover (AATO) Amendment Timeline for FY 2025-26
- CBDT Condones Delay in Filing Form 10AB for 80G Approval Applications Till 31st March 2026
- ICAI Strengthens AI Push with Sarvam AI Partnership and New AI Certification Course
- CBDT Notifies TDS Exemption on Aircraft Lease Rentals Paid to IFSC Units Under Income Tax Act, 2025
- GSTN Releases FAQs on Mandatory Ship-to Field and Voluntary E-Way Bill Closure 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
