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International Financial Reporting Standards (IFRS)
The Government of India is firm on its decision to make
companies adopt International Financial Reporting Standards (I
FRS) from 2011, Corporate Affairs Minister Salman Khurshid said.
"We are on schedule on convergence with IFRS. Big
corporates can migrate to the new standards while in the case of
smaller companies it needs a calibrated approach," he said at
Innovision 2010, an event organised by the Confederation of Indian Industry (CII).
In January this year, the Ministry had issued a roadmap for
transition to IFRS, reports IANS. Citing the low percentage of
household savings coming into the capital market, he said the
government had started a massive investor education campaign so
that more household savings could be channelised. Instead of
opting for contract farming, he urged the farmers to look at
organising themselves into corporate structures for better practices.
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