Ifrs is finally in india

Rohit (CA-Final) (1485 Points)

24 February 2014  

130 Countries have already moved to IFRS.
India will began to adopt IFRS from FY15.
ICAI has asked for speedy implementation of these standards.

ICAI Road Map

Companies with turnover above Rs.1000 Crore and above to adopt IFRS by April 1, 2015.
Companies with turnover between Rs.500 Crore and Rs. 1000 Crore to adopt IFRS by April 1, 2016. 

Why IFRS in India

Several Indian Companies having businesses abroad prepare accounts using IFRS. IFRS seeks to have one comparable reporting standard the world over.

Source: https://www.facebook.com/caconnect.in/photos/a.246086222209500.1073741828.245306968954092/281919455292843/?type=1&stream_ref=10