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http://economictimes.indiatimes.com/news/economy/finance/govt-deferred-ifrs-implementation/articleshow/7578251.cms A news article in Economic Times - 26 February 2011 which states that as per the press note of MCA dated 25-02-2011 the implementation of IFRS will miss the deadline of 1-April-2011 but is sure to come some day......;). Hopeful still coz the headline reads deferred and not cancelled!!!! The government has deferred the implementation of international financial reporting standards , acknowledging industry demand to extend the April 1 deadline to remove ambiguities on taxation issues. The decision has come as a relief for over 300 large companies, which were to submit their financials as per the global accounting standards, commonly called IFRS. The ministry of corporate affairs on Friday said it remained committed to the transition as it notified 35 accounting standards that are in line with IFRS. “After detailed consultations, it was felt necessary that industry should be g...

http://pib.nic.in/newsite/erelease.aspx?relid=70248 Finally, we have a press note specifiying that the Converged Indian Accounting Standards (IND AS) are notified by MCA dated 25-February 2011. The IND ASs (35 standards notified) are converged with International Financial Reporting Standards (IFRS). The verbatim script of the press note as released by the MCA is as under: QUOTE Reliable, consistent and uniform financial reporting is important part of good corporate governance practices worldwide in order to enhance the credibility of the businesses in the eyes of investors to take informed investment decisions. In pursuance of G-20 commitment given by India, the process of convergence of Indian Accounting Standards with IFRS has been carried out in Ministry of Corporate Affairs through wide ranging consultative exercise with all the stakeholders. Thirty five Indian Accounting Standards converged with International Financial Reporting Standards (henceforth called IND AS) are being notif...

Source: http://pib.nic.in/newsite/erelease.aspx?relid=69867 Ministry of Corporate Affairs 17-February, 2011 16:56 IST Convergence of Indian Accounting Standards with International Financial Reporting Standards Availability of essential financial information about a company to its shareholders and other stakeholders in accordance with internationally accepted financial norms is considered as an integral and important part of good corporate governance. To ensure this and to implement the G-20 commitment to achieve a single set of high quality global accounting standards, the Government has taken a decision to achieve convergence of Indian Accounting Standards with IFRS in a phased manner beginning with April, 2011 in accordance with the roadmap suggested by Core Group and Technical Groups set up by the Government. India's commitment to the policy of 'convergence' of Indian Accounting Standards with IFRS would allow it to consider local economic conditions and environment whil...