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convergence instead of adoption

mounika galli (14 Points)

08 February 2018

why India opted convergence instead of adoption of IFRS

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Divakar (Student CA Final ) (11857 Points)
Replied 08 February 2018

Bcz of different economy.... Some changes required there

Pallav Bansal (CA Final) (372 Points)
Replied 08 February 2018

Dear Mounika,

India is a country which is different from the world..
It has it's own system in place.. And It has It's own policies according to the people of India..
We can't adopt the exact IFRS or any other Standards applicable to the world..
That's why there are Carve-Outs..

Best Example - GST is also copied and our FM made Carve-Outs to adjust GST regime According to India..

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