Reliable, consistent and uniform financial reporting is important part of good corporate governance practices worldwide in order to enhance the credibility of theusinesses 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 notified by the Ministry and placed on the website. . These are: IND ASs 1, 2, 7, 8, 10, 11, 12, 16, 17, 18, 19, 20, 21, 23,
24, 27, 28, 29, 31, 32, 33, 34, 36, 37, 38, 39, 40, 101, 102, 103, 104, 105, 106, 107 and 108. The Ministry of Corporate Affairs will implement the IFRS converged
Indian Accounting Standards in a phased manner after various issues including tax related issues are resolved with the concerned Departments. It would be ensured that the implementation of the converged standards in a phased manner is smooth for the stakeholders. The date of implementation of the IND AS will be notified by the
Ministry at a later date.
The Press Release and IND ASs are available on the Ministry’s website at
www.mca.gov.in .
PRESS RELEASE- 7/2011
No.1/1/2009-IFRS
Dated the 25th February, 2011
Ministry of Corporate Affairs
The Press Information Officer, Press Information Bureau, Ministry of Information
and Broadcasting, with the request that the above mentioned Press Note may be given
wide publicity.
(Renuka Kumar)
Joint Secretary to the Government of India
Tel: 23074056