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March 31, 2010

India grants banks a two-year delay on IFRS

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.

 

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