The Institute of Chartered
Accountants of India has decided to "fully converge" with International
Financial Reporting Standards (IFRS) from accounting periods starting on or
after April 1, 2011, a senior ICAI official said here today.
Vedkumar
Jain, vice-president of ICAI New Delhi, said like in other countries including
Australia, New Zealand and European Union countries, the IFRS will be adopted
for the listed entities and other public interest entities such as banks,
insurance companies and large sized entities.
Jain told reporters
that the decision is an important milestone in achieving full convergence with
IFRSs as India will join 102 countries which presently permit use of IFRS in
preparation of financial sttement in their countries, he said.
By
2011, about 150 countries would adopt the new standards, issued by the
International Accounting Standards Board (IASB), he said.
ICAI has
taken several initiatives to enhance the brand image of the profession.
Chartered accountants have been allowed to prefix CA, to their names and a dress
code has also been recommended for them, he said. The new dress code will be
supplied from the month of October, he said.
As part of improving
infrastructure of the institutes, it was planned setting up of centres of
excellence at various places in the country, he said, adding it will help the
members to learn more and improve their skills.
Replying to a query
on the entry of foreign CAs into the country, he said "we are prepared for any
competition, but it should be equitable".
"If foreign CAs are allowed
into the country, Indian CAs should also be allowed into foreign countries," he
said.
ICAI to converge with international standards
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Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.
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