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India to continue march toward IFRS despite US delays

India will likely forge ahead with IFRS implementation, despite a lack of move

U.S. implementation of International Financial Reporting Standards may be on hold for a long time following the recent Securities and Exchange Commission staff report panning the rules. While most major

U.S. implementation of International Financial Reporting Standards may be on hold for a long time following the recent Securities and Exchange Commission staff report panning the rules. While most major economies had been waiting to follow America's lead on IFRS, one country is breaking with the States and adopting the standards.

The Hindu Business Line recently reported that India plans to go ahead with IFRS implementation, despite a lack of movement from the United States. The world's second most populous country and ninth largest economy has been working on its own set of accounting standards, dubbed IndAS, that it would like to merge with IFRS, the source said. The date for that merger has yet to be set, however, and the U.S. stance on IFRS could mean that India will take its time adopting the standards, but the government remains committed to eventual implementation.

“Our decision will be taken by the Corporate Affairs Ministry, Jaydeep Shah, president of the CA Institute, told the source. "It will be done after taking a holistic view and not be country-based."

Shah went on to note that a date for the IFRS/IndAC implementation will also be set by the CA Ministry, and that a new piece of legislation, the Companies Bill, might spur that decision.

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