Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)
 Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose
 Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More
 Government proposes to ease tax relief conditions for offshore funds
 TallyPrime Connected Banking: Automating Banking and Accounting
 ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update
 ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide
 Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers
 Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It
 ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes
 Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs

CAs feel India may not be ready for IFRS
August, 03rd 2010

International Financial Reporting Standards will be mandatory for financial statements from April 2011.

With the commencement of the next financial year, the Indian Accounting Standards are all set to go global by converging with the International Financial Reporting Standards (IFRS). While it will enable Indian firms to access and understand the balance sheets of firms in the international markets, many chartered accountants (CA) in Pune feel that the country may not be ready for the transition.

According to the CAs, for an economy to make the transition, an enormous amount of training is required, not just for the CAs but for a vast group of people likely to be affected by the new accounting norms.

Dolphy DSouza, national leader, IFRS, is of the view that only big accounting firms like KPMC and a few others have the expertise in IFRS as of now. While Indian Institute of Chartered Accountants (ICAI) is training CAs, we need to train audit committee members, regulators, financial analysts, board members and even the investors for them to understand the market.

With the IFRS, the real estate sector will also see massive changes in accounting norms. While revenue recognition now takes place simultaneously with the construction of a project, with IFRS, it can be done only after an entire project is completed. Even mergers and acquisitions norms will undergo a sea change, said DSouza.

Many feel that the present course by ICAI need to be more of a hands on programme rather than remaining restricted to theoretical concepts.

Ramesh Lakshman, a practising CA, cites that the language in which the standards has been written is extremely complicated to grasp.

G Ramaswamy, vice president, ICAI, said, ICAI has 100-hour course running in six cities to train chartered accountants and a few short term courses in the form of workshops. We need a batch of 30 for a course. While Pune has already had two workshops, soon we may also have the course in the city.

IFRS will be mandatory in India for financial statements from April 1, 2011 as per notifications by ICAI and Reserve Bank of India. The changes will be implemented in phases with the first phase including companies listed with BSE and NSE, companies whose shares or other securities are listed on a stock exchange outside India, companies, whether listed or not, having net worth of more than INR1,000 crore.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2026 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting