International Financial Reporting Standards or IFRS converged accounting standards have been notified by the Ministry Of Corporate Affairs. However, the date of IFRS implementation is to be fixed after tax issues are resolved. RPN Singh, Minister of State for Corporate Affairs said, "We can only implement them once the tax issues have been resolved by the revenue ministry. The moment the tax revenues are worked out by the finance ministry, we will implement them."
IFRS notification includes thirty-five accounting standards. IFRS on the agriculture financial instruments & retirement benefits is to be notified later. The government has deferred implementation of notification of International Financial Reporting Interpretations Committee or IFRIC 4 and 12.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
