Operation of International Financial Reporting Standards
Government has said that as per existing policy, the convergence of Indian Accounting Standards with the International Financial Reporting Standards (IFRS) is expected to be enabled by April, 2011. The Government has adopted this approach, keeping in view the requirements relevant to Indian conditions and to enable Indian companies, including public sector undertakings and regulatory bodies, to transition to the new system smoothly. In pursuance of this approach, Government has notified the Companies (Accounting Standards) Rules, 2006.
This information was given today by Shri Salman Khurshid, Minister for Corporate Affairs, in the Rajya Sabha in a written reply.
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