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

Comments on the exposure drafts close on 15
October 2011.