The Indian government is said to be making
additional changes to IFRS in order to make it more acceptable for
Indian companies, according to media reports.
Ministry Of Corporate Affairs secretary DK
Mittal said that any changes to the Indian version of IFRS will
take time as the government will initially look at some of the
revisions being suggested globally, especially in the US and Japan,
before finalising the road map.
The Indian government sets accounting
standards through the National Advisory Committee on Accounting
Standards.
India was expected to implement IFRS converged
Indian Accounting Standards (IND AS) in April 2011; however the
government delayed the deadline earlier this year.
India has already introduced several
carve-outs to IFRS due to companies expressing concerns that
profitability and revenue recognition, across industries, would
significantly change.
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