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.