India will delay the implementation of its IFRS converged Indian
Accounting Standards (IND AS), according to the Financial Times.
The delay follows the Indian government
failing to issue the new standards early enough to give businesses
time to prepare for adoption.
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The Indian Ministry of Corporate Affairs (MCA)
only issued the 35 IND AS’s earlier this week.
A senior MCA official told the newspaper that
it is too late to ask companies to adopt the standards by the
previous 1 April phased date.
The likely deadline for phased transition
could be April 2012, according to some observers.
