Thursday, March 27, 2008

India to adopt global accounting standards by 2011: ICAI

NEW DELHI: India will adopt the globally accepted International Financial Reporting Standards (IFRS) by 2011, a move that will integrate the accounting system with the rest of the world.

"A common accounting standard is in the interest of the investors who are exploring investment opportunities in other geographical areas as well," Institute of Chartered Accountants of India (ICAI) President Ved Jain told reporters on Wednesday.

More than 109 countries, including China, have adopted IFRS and many more like Japan, Canada and South Korea are expected to follow suit.

The issue of adoption of IFRS by Indian companies was discussed at a meeting between the International Accounting Standards Board (IASB) Chairman David Tweedie and officials of the Ministry of Corporate Affairs.

Read More Article...

No comments:

Outsource Bookkeeping Services Outsourcing Services