Accounting News

Thursday, August 9, 2012
India Adopts IFRS

Veerappa Moily, the Indian Minster for Corporate Affairs and Power, has announced that the country will adopt the International Financial Reporting Standards (IFRS). He said the standards will go into effect on April 1st, 2013. This change coincides with the plan to move to a direct tax code.

Originally the country had planned to move to IFRS in April of last year. So they are just two years past the original plan. The business community is happy with the announcement. They say that the standards are still in doubt since the US has not signed on yet.

It is unclear whether the US will make any announcement on the IFRS before the election. The SEC seem to want to leave the decision to the next administration. Along with the US, Japan has not announced a move to IFRS. Europe, along with Russia and Brazil have already moved to IFRS.

This might not have immediate impact on many small business accountants it might have an impact on the SEC. It gets harder to hold onto an accounting standard when you are the only one left doing so.

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