Author : DNA Business Bureau
Content : The announcement by the Institute of Chartered Accountants of India (ICAI) in July last year notwithstanding, India may stop short of full convergence with the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board.
Anurag Goel, the secretary, ministry of corporate affairs has said recently that the country will not adopt it blindly. "We will retain the rights to look at IFRS, to adopt or adapt it looking at the ground level realties in the country," he said at a seminar organised by PHD Chamber of Commerce and Industry on August 2.
"Because the moment you adopt IFRS, it is not question of adopting as it is today. It is a question of accepting any changes which would come. This is something that is not acceptable to us," Goel said.
ICAI president Ved Jain could not be reached for comments despite repeated attempts.
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