A prolonged halt for IFRS.

As India continues along the path of economic growth and integration with the rest of the world, our financial reporting also needs to remain relevant and comparable. Our regulators had set out a phased plan to converge to the International Financial Reporting Standards (IFRS) a set of accounting standards issued by the International Accounting Standards Board.

A lot of effort was spent in indigenising the IFRS standards to address concerns raised by various stakeholders. This resulted in the issuance of a set of standards called Ind-AS in February last year. The implementation of these new standards also requires changes to the Companies Act.

The Ind-AS standards are yet to be notified and the modification to the Companies Act is awaited. Stakeholders including …