Business Technology Innovation

The International Financial Reporting Standards (IFRS)  issued by International Accounting Standards Board (IASB) has been adopted by India. The Institute of Chartered Accountants of India (ICAI) has issued a list of companies that should converge their accounting practices with International Financial Reporting Standards (IFRS) by April 2011.

The first list  of companies include

• SENSEX Companies
• Nifty Companies
• Companies that have raised debt > $ 50 million abroad
• Insurance Companies
• Mutual Funds
• Commercial Banks
• Companies that are publicly accountable with an aggregate borrowing > Rs 1000 crores
• Indian companies of foreign companies that have implemented IFRS at the parent company that do not fall under any of above
• companies outside these categories with capital of over $50 million abroad

What does IFRS implementation involve?

IFRS convergence will entail a change in the accounting process and consequently, significant change in the IT, ERP and Management Information System.