Convergence of Indian Accounting Standards with IFRS
With a view to designing a definitive roadmap for convergence of Indian Accounting
Standards with IFRS and co-ordinating the process, a Core Group was set-up by the
Ministry of Corporate Affairs in July, 2009 under the Chairmanship of the Secretary,
Ministry of Corporate Affairs with participation from Ministry of Finance, C&AG,
RBI, SEBI, IRDA, PFRDA, ICAI, NACAS and industry representatives. Further, two Sub-groups
were also constituted. First Sub-group was set-up under the Chairmanship of Mr.
Y. H. Malegam, with a view to identifying the various legal and regulatory changes
required for convergence and to prepare a roadmap for achieving the same. Second
Sub-group, comprising of industry CFOs, was also set-up under the Chairmanship of
Mr. T V Mohandas Pai, Director, Infosys Technologies Ltd. to interact with various
stakeholders from business and industry to understand their concerns on the issue
of convergence with IFRS, identify problem areas and ascertain the preparedness
of the industry for such convergence. IICA has been providing regulatory and secretarial
support to the Core Group for achieving convergence of Indian Accounting Standards
with IFRS.
Pursuance to the decision taken by the Core Group, the Roadmap for convergence of
Indian Accounting Standards with IFRS in respect of companies has been issued by
the Ministry of Corporate Affairs vide Press Release - 2/2010 No. 1/1/2009-IFRS
dated 22nd January, 2010 available at http://www.mca.gov.in/Ministry/press/press/press_release_22Jan_8Feb2010.pdf.
At a meeting of the Core Group held on 29th March, 2010 under the chairmanship of
Shri R. Bandyopadhyay, Secretary, Ministry of Corporate Affairs at Shastri Bhawan,
New Delhi, also attended by the officials from Ministry of Finance, SEBI, RBI, IRDA,
C&AG, PFRDA, ICAI, Industry representatives and other experts, the Core Group
deliberated and approved the Roadmap recommended by Sub-Group I in respect of insurance
companies, banking companies and non-banking finance companies. The Press Release
dated 31st March, 2010 issued by the Ministry of Corporate Affairs giving roadmap
in respect of insurance companies, banking companies and non-banking finance companies
is available at http://www.pib.nic.in/release/release.asp?relid=59989. The
Core Group also expressed satisfaction about the progress being made in developing
necessary capacity building measures and creating awareness on the matter and expressed
confidence on the implementation of roadmap in a timely and consultative manner.