IFRS will be implemented from April 1: Khurshid
By IANSTuesday, January 4, 2011
NEW DELHI - The government is ready to bring in necessary regulatory amendments to implement the International Financial Regulatory Standards (IFRS) from April 1, Minister of State for Corporate Affairs Salman Khurshid said Tuesday.
“I don’t think there is any reason to postpone it, we are fully ready to implement it from April,” Khurshid told reporters on the sidelines of a conference organised by the Institute of Chartered Accountants of India (ICAI).
He also said that the government will bring in necessary amendments in company laws to implement IFRS from the proposed date.
Earlier, addressing the conference, Finance Minister Pranab Mukherjee said that a calibrated approach was needed to converge Indian accounting standards with IFRS.
“IFRS should be implemented both in letter and spirit,” Mukherjee said.
The government aims to replace Indian Accounting Standards with IFRS from April 1.
