The Indian government has extended the deadline for banks and
non-banking finance companies to align their accounting practices
with the IFRS to April 2013, according to India’s
Economic
Times
.

The measure does not apply to those listed on
the National Stock Exchange of India (NSE), the Bombay Stock
Exchange (BSE), or those with a net worth higher than $111m.

These institutions will have to submit
IFRS-compliant financial statements on 1 April 2011, as will all
other Indian listed companies.