India will adopt IFRS from 1 April 2013, the
minister for corporate affairs and power Veerappa Moily has
announced, according to Indian media reports.
Last year the ministry planned to implement
IFRS for companies above certain levels of revenue but a pending
reform in the taxation system delayed it.
However, Moily made clear that his cabinet
will go ahead with the adoption of the IFRS, even if the government
is not able to pass the new direct taxes code by 1 April 2013.
India has already principle-based accounting
standards in the same vein as IFRS.
If the Indian government commits to its plans
only a few major economies, Japan, China and US, would have not
adopted IFRS.
In July, a report by the US Securities and
Exchange Commission (SEC) did not contain any recommendation on
IFRS, hence it remains unknown when the US will adopt the
international standards.
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