The Indian government will stick to its April 1, 2011 deadline for 300 large companies to align their accounts with global financial reporting norms as per the report appearing in Economic Times dated 5th Jan 2011. This is inspite of the concerns raised by an industry lobby. Earlier the government sought fresh comments from the top 300 companies that will converge their accounts with international financial reporting standards (IFRS) from the next financial year before rolling out the new norms.
Indian companies will be asked to follow the norms, which will be rolled out in a phased manner. All BSE-Sensex 30 and NSE-Nifty 50 companies will start following IFRS from April 1 along with all listed companies having a net worth of INR 1,000 crore and above. The Indian government had made a commitment at the G20 summit in 2009 to converge to IFRS from April 1, 2011. Accounting experts welcomed the government’s decision to go ahead with the April 1 deadline.
Full report: Economic Times