Indian accounting standards are near
completion and will soon be sent to the National Advisory Committee
on Accounting Standards, where they are subject to government
review, the Institute of Chartered Accountants of India said.
Indian accounting standards are based on IFRSs
with some carve-outs, and the government committee is expected to
make more changes before they are vetted. It is expected that a
government notification will be issued in April.
There are concerns globally that India’s
carve-outs could hamper efforts to convince the US is should adopt
global accounting standards.
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