As per the roadmap for convergence given my MCA, Companies whether listed or not and having Net Worth > 1000 Cr were required to convert their opening Balance sheet to comply with the requirements of IFRS.
My question is that whether this convergence has actually been applied or is it still in the pipeline...is it still a roadmap only?
Please help!
Hi Nupur,
This roadmap was issued in 2009-10 but as per the press release issued by MCA in Feb 11, IFRS (in India called IndAS)although IndAS have been issued but implementation have been deferred till further notification. Till date no further notification issued by MCA and the roadmap issued earlier has no relevance now.
Thanks,
Sandeep
In stead, the revised schedule VI is trying to make the indian companies "IFRS Compliant"
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