Monday, September 22, 2008

'Our Indian standards are very largely based on the IFRS'

Accounting is like scorekeeping

All of a sudden, conferences and seminars on IFRS (International Financial Reporting Standards) are the in-thing, where you can find accounting professionals busy taking notes and asking questions, so that they are ready for the 2011 deadline when India will be converging with IFRS.
But why should we be focussing on the IFRS now? When posed that query, Dr Kamal Gupta, former Technical Director of the Institute of Chartered Accountants of India (ICAI), asks in response, "Can India be isolated, if more than 100 countries already adopt IFRS, and more than 150 will adopt it by 2011?"

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