IFRS implementation issues
The derivatives issue seems to have been forgotten with inflation now hogging the limelight. The implementation of accounting standards, however, can neither be forgotten nor can it wait for long. Many major stock exchanges across the world today require or accept IFRS (International Financial Reporting Standards), a common accounting language for preparing financial statements. “It is expected that more than 150 countries would follow IFRS by 2011. The US already allows IFRS for foreign filers. More importantly, by 2011, it is expected that the US will follow IFRS even for local filers. India needs to step up action in order to reap benefits of IFRS convergence,” says Mr Dolphy D’Souza, Partner & National IFRS Leader, Ernst & Young.