ICAI: Indian firms listed in U.S. should switch to IFRS
November, 07th 2008
With the U.S. poised to shift to International Financial Reporting Standards, Indian companies that are listed on the U.S. stock exchanges should start complying with IFRS rather than changing to the new U.S. generally accepted accounting principles. "(I)t will be more advisable for the Indian companies who are listed on the U.S. stock exchange to follow IFRS," said Ved Jain, president of the Institute of Chartered Accountants of India. "Moreover, early adoption of IFRS is always encouraged as it would allow the users of getting a proper disclosure of the financial statements that would help them to re-evaluate the operations."