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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Indian Companies Transition to Converged Accounting Standards with IFRS; Early Adoption Optional from April 1, 2011.</h1> The circular clarifies the roadmap for Indian companies transitioning to converged Indian Accounting Standards with IFRS. Companies in Phase I must convert their opening balance sheets as of April 1, 2011, without needing to provide comparative figures for 2010-11, though optional additional disclosure is allowed. Companies in later phases can opt for early adoption starting April 1, 2011. Criteria for inclusion in phases are based on balance sheets as of March 31, 2009, or later. Once a company adopts the converged standards, it must continue using them. Net worth calculations for applicability follow specific rules, and companies will adhere to the converged standards rather than IFRS directly.
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