IFRS APPLIES TO

The convergence note of ICAI states that IFRS is applicable from 2011.
IFRS in India would cover the following public interest entities in its first wave.

1) Listed companies
2) Banks, insurance companies, mutual funds, and financial institutions
3) Turnover in preceding year > INR 1 billion
4) Borrowing in preceding year > INR 250 million
5) Holding or subsidiary of the above

 -- it is proposed

and it will be applied on other companies on phased manner.. within 3 yrs it will cover all the companies..and for sme there is a separate standard issued by icai