Will the Minister of CORPORATE AFFAIRS be pleased to state:-

(a)        whether India has set a deadline to operationalise International Financial Reporting Standards (IFRS).

(b)        whether more than 15,000 companies in almost 100 countries have adopted IFRS, including listed companies in the European Union;

(c)        whether Government has taken initiatives to convert the existing accounting systems in public sector undertakings to IFRS; and

(d)        if so, the progress made in this regard?

ANSWER

THE MINISTER OF CORPORATE AFFAIRS

(SHRI SALMAN KHURSHID)

(a)        Yes, Sir.  As per existing policy, the convergence of Indian Accounting Standards with the International Financial Reporting Standards (IFRS) is expected to be enabled by April, 2011.

(b)        The Government is not maintaining any data in this respect.

(c) & (d)          The Government has adopted the approach of convergence with IFRS, keeping in view the requirements relevant to Indian conditions and to enable Indian companies including public sector undertakings and regulatory bodies to transition to the new system smoothly.  In pursuance of this approach, Government has notified the Companies (Accounting Standards) Rules, 2006.