What is status of Indian Accounting Standards convergence with IFRS?
As per the press release dated 22nd January 2010, the Chairman of the Accounting Standards Board of ICAI will submit the converged version of the Accounting Standards to NACAS from time to time for recommendations and onward submission to the Ministry. However, convergence of all accounting standards has to be competed by ICAI by 31st March 2010. The NACAS will submit its recommendations to the Ministry by 30th April 2010.
Related Questions
- When the first interim financial statements are prepared under the Indian Accounting Standards converged with IFRS, under which standards will the comparative ones be presented?
- Can a company discontinue applying the Indian Accounting Standards converged with IFRS based on reassessment of eligibility criteria on a later date?
- Are IFRS and the Revised Indian Accounting Standards the same?
