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ICAI lays out IFRS convergence roadmap

The council of the Institute of Chartered Accountants of India (ICAI) has revised its IFRS roadmap to recommend that all companies with a net worth in excess of INR5bn ($82.1m) prepare their consolidated financial statements for the accounting year beginning on or after 1 April 2016 using the IFRS-converged Indian Accounting Standards (Ind AS).

The revised roadmap also recommended that the previous year comparatives for the year 2015-16 should be prepared in accordance with Ind AS.

Consolidated financial statements were made mandatory for all groups of more than one entity in the 2013 Companies Act, which the ICAI said would facilitate implementation of Ind AS.

Under the roadmap, stand alone financial statements will continue to be prepared as per the existing accounting standards, though these will also be upgraded over an unspecified period of time.

ICAI president K Raghu said the roadmap "would allow industry ample time to prepare themselves for the Ind AS, with certain subsequent revisions and amendments after 2011, which have been and are being carried out by the ICAI to keep pace with IFRS revisions."

Speaking to The Accountant, Raghu has said that, although the ICAI is ready to apply the Ind AS, its implementation could only happen after the Indian general election, due between April and May.

The roadmap has been submitted to the Ministry of Corporate Affairs, which is due to consider the matter in the near future.

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