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Oct 28, 2013
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Will India align with IFRS?
Financial reporting made headlines when in 2005 the European Union adopted the International Financial Reporting Standards (IFRS). The idea was to enforce high-quality financial reporting standards that are understood by all.Not long ago, IFRS made headlines in India with the announcement that Indian GAAP (generally accepted accounting principles) will converge with IFRS. While that decision is pending, there is debate whether India really needs IFRS. The answer is ‘yes’, ‘no’, and ‘maybe’, and perhaps also depends on whom you ask the question.
Source -
http://www.thehindubusinessline.com
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