India-IFRS-April 2011

Rajya Sabha

Government has said that as per existing policy, the convergence ofIndian Accounting Standards with the International Financial ReportingStandards (IFRS) is expected to be enabled by April, 2011. TheGovernment has adopted this approach, keeping in view the requirementsrelevant to Indian conditions and to enable Indian companies,including public sector undertakings and regulatory bodies, totransition to the new system smoothly. In pursuance of this approach,Government has notified the Companies (Accounting Standards) Rules,2006.

This information was given today by Shri Salman Khurshid, Minister forCorporate Affairs, in the Rajya Sabha in a written reply.-20 July 2009