CA institute lists cos for IFRS convergence
The Institute of Chartered Accountants of India (ICAI) has brought out a list of over 400 companies that should converge their accounting practices with International Financial Reporting Standards (IFRS) by April 2011.
According to SEBI executive privy to the development, listed companies will be shortly given the option to prepare their consolidated financial statements using IFRS while for standalone financials, the Indian GAAP will continue.
The accounting system is adopted by the International Accounting Standards Board and over 100 countries have acknowledged its use. Indications are that the government is planning to bring only the top 150-200 companies into the IFRS ambit on the basis of their borrowings and turnover in the initial phase.
We will be able to give a clear roadmap by this November,” the Corporate Affairs Minister, Mr. Salman Khurshid, told.