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K Raghu, President, ICAI has said, "ICAI welcomes the announcement by the Hon'ble Finance Minister that there is an urgent need to converge the Indian Accounting Standards with the International Financial Reporting Standards (IFRS). In this regard, the Financial Minister has proposed that the new Indian Accounting Standards (Ind AS) converged with IFRS shall be adopted by the Indian Companies from the financial year 2015-16 voluntarily and from the financial year 2016-17 on mandatory basis.
The Institute of Chartered Accountants of India has always propagated the need to converge with IFRS at the earliest to bring the financial reporting practices of the Indian corporates at par with the global standards which are used in more than one hundred countries. This would also enable India to fulfill its G-20 commitments in this regard. ICAI has already finalised the Indian Accounting Standards in accordance with the corresponding IFRS effective as of this date.
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