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June 2010

MCA’s Clarifications on IFRS roadmap in India

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
Sejal Vasa | Company Secretary
Reading Time 1 mins
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Part D : COMPANY LAW


51 MCA’s Clarifications on IFRS roadmap in India

The Core Group constituted by MCA for convergence of Indian
Accounting Standards with the International Financial Reporting Standards (IFRS)
had announced the approach and timelines for achieving convergence with IFRS on
22nd January 2010 and a separate approach on 31st March 2010 for the convergence
of Indian Accounting Standards by the banking companies, Insurance companies and
non-banking finance companies. Both the Press Releases are available on the
Ministry’s website at www.mca.gov.in.

In response to the requests, MCA has published a
‘Consolidated statement on clarifications on the roadmap for application of
converged Indian Accounting Standards by companies’ on 4th May 2010. This
statement provides clarity to the earlier announcements, which in turn should
facilitate a smoother transition to IFRS in India.

This statement can be accessed on www.mca.gov.in under Press Releases for
2010 under Information & Reports (Press Note 04/05/2010)


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