The National Advisory Committee on Accounting Standards (NACAS) is set to submit its final report on new accounting standards to the government within 15 days, paving the way for Indian companies to voluntarily adopt the International Financial Reporting Standards or IFRS from April next year.
The report will specify certain carveouts or exceptions since India is only converging with IFRS and not adopting the norms entirely.

Source - http://economictimes.indiatimes.com