Sify migrates its Financial Reporting procedure to IFRS

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Sify Technologies Limited (NASDAQ National Market: SIFY), a leader in Consumer, Internet and Enterprise Services in India with global delivery capabilities, announced that the Company is migrating its Financial Reporting to the International Financial Reporting Standards (IFRS). Sify's financial results were announced previously under US GAAP up to the quarter ending December 31, 2007.

 

"The SEC has, in its release of 21^st December 2007, permitted Foreign Private Issuers to prepare financial statements under IFRS without reconciliation to US GAAP. The Indian GAAP is presently based on IFRS with a full convergence with IFRS expected to happen in 2011. Our vision and standards have always been global, so it is fitting that Sify is taking the initiative to transit to globally followed accounting standards with our annual financial results statements as per IFRS", said Mr M P Vijay Kumar, Chief Financial Officer, Sify Technologies Limited.

 

Sify will release its Fourth Quarter and Annual Results for the year ending March 31, 2008 prepared under IFRS.  As the transition involves extensive process review and preparation, the results for the quarter ending March 31, 2008 and for the financial year ending March 31, 2008 would be announced by May 31, 2008.

 

IFRS is generally principles-based standards. IFRS requires exercise of judgement by the preparer and the auditor in applying the principles of accounting based on economic substance of the transactions rather than on the legal form. More than 100 countries now require or allow use of IFRS, and many other countries are replacing their national standards with IFRS.

 

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