<h1>India Aligns Accounting Standards with IFRS for Reliable Financial Reporting; Exemptions for SMEs Included.</h1> The central government, under the Companies Act, 1956, has mandated accounting standards to ensure reliable and unbiased financial reporting, crucial for corporate governance. Initially developed by the Institute of Chartered Accountants of India, these standards gained statutory backing with the 1999 amendment. In 2006, the government notified 28 standards, aligning with international norms like IFRS, effective from the 2007-08 financial year. This initiative aims for full convergence with IFRS by 2011. Recognizing the burden on Small and Medium Companies, exemptions and relaxations have been incorporated, balancing comprehensive coverage with practical compliance needs.