The Hindu Business Line : ‘No immediate plan to extend IFRS convergence deadline’

The Central Council of the Institute of Chartered Accountants of India (ICAI) is likely to discuss, at its meeting beginning Friday, the US financial market turmoil and its impact on the Indian financial system.

“We will discuss the impact of the US financial market turmoil. My view is that it is not going to have any serious implication on India,” Mr Ved Jain, ICAI President, told Business Line here on Thursday.

On whether the ICAI plans to postpone the date of convergence with International Financial Reporting Standards (IFRS) in the wake of global financial market meltdown, Mr Jain replied in the negative.

“As of now, there is no move or plan to extend the convergence deadline. It will be April 1, 2011,” Mr Jain said. ICAI had earlier announced that the Indian accounting standards would be fully in line with IFRS from April 1, 2011.

At the three-day meeting, the Central Council is likely to consider for approval the exposure drafts of three auditing and assurance standards — communication with those charged with governance; consideration of other laws and regulations while conducting audit and consideration of ‘going concern’ concept.

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