Progress but IFRS Delayed in India

The government notified 35 accounting standards with a view to update Indian accounting norms in line with the global audit practice IFRS.

The companies, however, will be given time to adjust to the new accounting standards as government has now deferred the implementation of the International Financial Reporting Standards (IFRS) beyond April 1 this year.  Govt notifies 35 accounting standards in line with IFRS, Business Standard, 2/26/2011.

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