IFRS delayed in India for one year

INDIA WILL DELAY implementation of IFRS for one year, according to reports this morning.

Accountancy Age reported in mid-February that a delay was on the cards, but the Financial Times has reported an unnamed government source saying it would not oblige companies to use IFRS by the 1 April deadline. The paper reports that an adviser has proposed the new deadline should be April 2012.

Last month Accountancy Age quoted the head of PwC India Harinderjit Singh saying that sticking with the original deadline would be “unfair” on companies.

Subodh Bhargava, a former president of the Confederation of Indian Industries, said that the “pitfalls” of rushing into IFRS had been recognised.

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