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February 27, 2011

India finalises IFRS-converged standards

The Indian Ministry of Corporate Affairs (MCA) has issued 35 Indian Accounting Standards (IND AS) that are converged with IFRS, but has not given a date for implementation.

The standards are the next step in India’s IFRS convergence plan but the MCA has said a date for phased implementation can only be made once certain Indian tax and other issues have been resolved.

Indian accounting standards are based on IFRSs with some carve-outs. Further changes have also been made by the MCA.

 

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