The Hindu Business Line : ICAI to adopt global standards from 2011

The Institute of Chartered Accountants of India (ICAI) has decided to fully converge with the international financial reporting standards (IFRS) from April 1, 2011.

The IFRS are issued by the International Accounting Standards Board. A work plan would be formulated by the ICAI to ensure that IFRS are effectively adopted from April 1, 2011, according to the institute’s President, Mr Sunil Talati.

This decision is an important milestone in achieving full convergence with IFRS as India will join 102 countries that presently require or permit use of IFRS in preparation of financial statements in their countries. With a view to ensure smooth transition to the IFRS, the ICAI will take up the matter of convergence with IFRS with the National Advisory Committee on Accounting Standards and various other regulators such as the RBI, SEBI and IRDA.

Like in other countries such as Australia, New Zealand and countries in the European Union, the IFRS will be initially adopted for the listed entities and other public interest entities such as banks, insurance companies and large sized entities.

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