IFRS Implementation in India -Train has left station Embark now
Continuing from :http://www.infosysblogs.com/oracle/2009/04/ifrs_countdown_has_started_are.html & http://www.infosysblogs.com/oracle/2009/07/ifrs_adoption_to_wait_watch_or.html
The transition to IFRS in India is no longer a question of whether and when but a question of how. A journey which started in 2006 is coming very nearer to its destination.
IFRS convergence (most likely approach instead of adoption) in India has come to its final stage. Initial reaction was of indifference when journey started in 2006, later on it changed to concern (late 2008) and now disbelieve as final deadline of 2011 is just few days away. IFRS Journey in India has started now and train has left the station. Companies need to embark now otherwise they will be left behind.
Different committees’ setup by Government and ICAI are taking final shape and lot of traction is expected around Oct-Dec’2009. Companies need to start planning now as a successful transition to IFRS requires a thoughtful, multi-disciplined approach as IFRS is not just an accounting change. It will have impact in areas like taxation, financials reporting, disclosures, technology, business process etc. Hence planning need to start now !!!
