INDIA looks likely to miss its self-imposed deadline of April 1 to implement international financial reporting standards (IFRS), with government officials admitting at an open forum in New Delhi that the timetable could be too tight.
Just six weeks ahead of the deadline, the Indian parliament has yet to amend the Companies Act or authorise secondary legislation authorising IFRS. At a meeting held on Thursday (Feb 17), officials remained officially non-committal about the deadline, but attending accounting experts were agreed it is too late to follow the original IFRS schedule.
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