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August 8, 2012

India commits to IFRS adoption

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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