The Core Group on IFRS and the International Financial Reporting standards Council of Japan to Collaborate on a Common Platform

The core Group on IFRS constituted by the Ministry of Corporate Affairs, Government of India and the International Financial Reporting Standards Council of Japan here today jointly agreed to initiate the process of mutual dialogue and collaborate on a common platform on various economic and corporate regulation related issues including convergence of Accounting Standards with IFRS. In the presence of Shri Salman Khurshid, Minister for Corporate Affairs, and Shri R. Bandyopadhyay, Secretary, Ministry of Corporate Affairs, documents were exchanged for future initiatives between the two sides by the Vice President of the ICAI, Shri G. Ramaswamy, and Shri Noriaki Shimazaki, Chairman, Internal Affairs Committee, IFRS Council of Japan.

The memorandum covers Effective sharing of knowledge in the content of the initiatives being taken for convergence with the International Financial Reporting Standards and thereby providing leadership in the development, enhancement and coordination of the accountancy profession in India and Japan; and the exchange of views on legal and regulatory and other issues arising out of convergence with the IFRS and to explore the possibilities of mutual cooperation in this behalf.

This also addresses critical issues involved in convergence with IFRS and reach consensus through a process of consultation mutually agreed to. The ICAI, which will play a nodal agency role in implementing IFRS in India, will provide education and XBRL developments and IFRS technical support, foster a strong cohesive profession by providing leadership on emerging issues in IFRS along with the Japanese Institute of Certified Public Accountants in this area. The Minister has appreciated the initiative and also applauded the role of ICAI in global initiatives.