A crucial meeting of the CA Institute’s central council is slated
for October 15-17 to discuss among other things the implementation date of
International Financial Reporting Standards (IFRS).
India has been looking to converge with IFRS, but has dithered in
taking a call on its implementation date.
The Government was initially looking to implement IFRS from April
1, 2011, but later postponed its implementation for various reasons.
Corporate Affairs Minister Veerappa Moily has been talking in
public forums that IFRS would be a reality in India from April 1, 2013.
But now there is some speculation that implementation date may get
postponed to “not later than April 1, 2014”. At the upcoming central council
meeting, the level of preparedness for IFRS convergence will be reviewed, said
Jaydeep Shah, CA Institute President.
He declined to comment on whether its implementation date was
likely to be postponed yet again. It would be premature to come to any such
conclusion at this stage, he said.
Shah said the CA Institute’s Accounting Standards Board Chairman
Manoj Fadnis will make a presentation to the Central Council in the upcoming
meeting and after that only a final call would be taken by the institute. There
have been several reasons including the aspect of taxation that had come in the
way of IFRS convergence.
The CA institute had already developed a set of Accounting
Standards (Ind AS) that are converged with IFRS. But the implementation date has
not been notified by the Corporate Affairs Ministry. The Government has now come
around to a view that IFRS could be pursued even without the taxation issues
getting sorted out, it is learnt.
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