Indian commerce group pushes back on the implementation of IFRS

The Federation of Indian Chambers of Commerce and Industry (FICCI) is pushing back against the Indian Ministry of Corporate Affairs (MCA) on the adoption of IFRS.  As of now, the MCA wants Indian businesses with a net worth of Rs 1,000 crore to convert to IFRS by April 2011.

As FICCI notes, the standards are still being developed and it doesn't necessarily make sense to implement the standards when they are still undergoing revision.  While they're at it, they're also pushing back on the possible requirement that companies will need to produces parallel statements according to both Indian GAAP and IFRS.

You can read the full article at: Ficci demands delay in implementation of IFRS