Convergence with International Financial Reporting Standards
The Government has informed Lok Sabha that the Government has adopted the approach of convergence of Accounting Standards issued under the Companies Act, 1956 with the International Financial Reporting Standards (IFRS), keeping in view the requirements relevant to Indian conditions and to enable Indian companies and concerned regulatory bodies to transform to the new standards smoothly.
In written reply to a question Shri Salman Khirshid, Minister for Corporate Affairs, informed the House that the converged Indian Accounting Standards are proposed to be made applicable to companies registered under the Act in a phased manner with effect from 1st April, 2011.