IFRS norms format for cos to be notified soon

The government said it will soon notify the format that companies will have to follow while preparing their account books as per the international accounting norm IFRS from next fiscal.

February 18, 2011 / 09:23 IST

The government said it will soon notify the format that companies will have to follow while preparing their account books as per the international accounting norm IFRS from next fiscal.

In an official statement, the Corporate Affairs Ministry also said that it is ready with the depreciation rates that companies will have to follow while compiling their financial statements.

"The revised Schedule VI (Format of Financial Statements), Schedule XIV (Depreciation Rate) and proposed converged accounting standards are ready and are proposed to be notified shortly," the statement said.

The Ministry also pointed out that companies will have to comply by the International Financial Reporting Standards from April 2011.

first published: Feb 18, 2011 09:00 am

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