• Register
Return to: Home > News > Standards > ICAI lays out IFRS convergence roadmap

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.

Related story

India to pass IFRS convergence after election


Top Content

    Accountancy Europe: the winner takes it all

    Jonathan Minter spoke to Olivier Boutellis-Taft, chief executive officer at Accountancy Europe, about how technology could change the industry, and how training needs to keep up to enable the profession to develop

    read more

    Embracing global technology trends

    Accountancy Europe’s Digital Day 2018 found the European accounting profession looking to tackle the challenges presented by new technologies head on. Jonathan Minter reports from the day

    read more

    IMA Conference: automation of the audit

    At the annual conference of the Institute of Management Accountants (IMA) in Indianapolis, Deloitte partner Alex Smith gave a presentation on digital transformation in the profession. Joe Pickard spoke to Smith following the presentation to find out more about his views on the future of audit

    read more

    IMA Conference: technology and the human effect

    The annual conference of the Institute of Management Accountants (IMA) took place in Indianapolis this year. Members of the profession gathered to hear the latest from the institute and other market players, covering some of the challenges and opportunities the profession faces.

    read more

    The Caribbean: a digital paradise

    The ICAC hosted its 36th annual conference in June this year – very much looking to the future following a tough 2017 for the Caribbean. Jonathan Minter spoke with chief executive officer Misha Lobban Clarke

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.