According to the roadmap laid out by the Corporate Affairs Ministry, companies listed on the BSE or NSE with a net worth of more than Rs 1,000 crore, were to converge with IFRS from April 1, 2011.
Companies having net worth of exceeding Rs 500 crore from April 1, 2013, while all other listed companies with a net worth of less than Rs 500 crore by April 1, 2014.
My question is that whether this convergence has actually taken place or not yet?? Are Indian Companies required to follow IFRS in the current FY i.e. 2012-13 ???
Please help.
CAclubindia
