Changing over from GAAP to IFRS-1: Are we ready yet?

Gradual Implementation is suggestable.

India is still not prepared for IFRS because we have to make some amendments in our companies Act  before the implementation of IFRS. As per Tentative Schedule of ICAI we  have to prepare Accounts Complying with IFRS w.e.f april 2011, but above all we also have to convert accounts of earlier years with those complying with IFRS for comparison purposes.Our Accountants(C.As  Also) are not trained and prepared enough  for complying with IFRS which require some drastic changes in method of accounting and companies need some time for there training.I think April 2011 deadline set by the ICAI is also challenging ,so anything before that is  not feasible.We cannot follow two set of A.S at the same time i.e (IFRS & Indian GAAP) because in some cases they can be contradictory.

ICAI should take urgent steps for training of Indian C.As in IFRS so that fulle convergence with IFRS can take place w.e.f April 2011, otherwise Indian companies will lag Far Behind then there Foreign Counterparts in the area of  quality of accounting.