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ICAI proposes IFRS equivalent standards

The Institute of Chartered Accountants in India (ICAI) has proposed to adopt Indian Accounting Standards (IND AS) consistent with the IFRS that address consolidation, involvements in joint arrangements and disclosure of involvements with other entities.

The ICAI exposure drafts propose amendments related to application dates, differences in terminology and amendments or references to other standards not yet adopted as Ind AS. The proposals also tackle Indian legal requirements for implementation and the removal of IFRS requirements not considered relevant in the Indian context.

More radical amendments alter the requirements of the equivalent IFRSs. These include the deletion of the exemption from consolidation for wholly-owned and partially-owned subsidiaries in certain circumstances.

India was expected to implement converged Indian accounting standards in April, however the government delayed the deadline.

India has already introduced several carve-outs to IFRS due to companies expressing concerns that their profitability and revenue recognition would significantly change.

Comments on the exposure drafts close on 15 October 2011.

 

 

 

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