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Convergence with International Financial Reporting Standards (IFRS) in India has not progressed much after the issuance by the Ministry of Corporate Affairs (MCA) of 35 Indian Accounting Standards converged with IFRS (Ind AS) in February 2011. Further, the issued Ind AS deviate from IFRS in several areas.
In its recommendation to the MCA, the Institute of Chartered Accountants of India (ICAI) has proposed April 1, 2013 as the new implementation date for Ind AS.
The main reason cited by the ICAI for such a deferral is that some key IFRS are under revision by the International Accounting Standard Board (IASB) and these standards will be likely to be applicable from …