Press Information Bureau

Government of India

Ministry of Corporate Affairs

19-March-2012 17:28 IST

Delay in Implementation of IFRS

Keeping in view the consultation held with various stakeholders on certain issues including tax related issues, it was decided to implement convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRS) in a phased manner to ease the process for all the stakeholders.

The date of implementation will be decided after the relevant issues are resolved. However, the relevant Indian Accounting Standards which are converged with IFRSs namely, the Ind Accounting Standards (Ind-AS) have been placed on the website of the Ministry for information of all the stakeholders so that they get familiarized with such standards and take timely steps to implement them once these are implemented.

This information was given by the the Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today in reply to a written question regarding the reasons for which the Ministry is not implementing the International Financial Reporting Standards (IFRS) accounting system in the country by internationally committed deadline of April, 2011; the implications of the delay in implementing IFRS; whether implementation date has been decided by the Ministry; and the details thereof in the Rajya Sabha today.

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ST/-

IFRS convergence delayed as implementation adopts phased approach pending resolution of stakeholder and tax-related issues. The Ministry of Corporate Affairs deferred implementation of convergence between Indian Accounting Standards and IFRS, adopting a phased approach until stakeholder concerns, including tax-related issues, are resolved; the formal start date will be decided thereafter. Converged Ind AS have been posted on the Ministry's website to enable stakeholder familiarisation and preparatory steps.