IFRS system mandatory from 2016-17 FY
From 2016-17 FY, it will be mandatory for Indian corporate sector to migrate to International Financial Reporting Standards (IFRS) from the current indigenous Indian Accounting Standards. The new system has been necessitated by the need to be consistent with global practices.
IFRS is essential to facilitate the foreign firms make accurate interpretation of the balance sheets of Indian companies in order to make a correct assessment of their performance which mirrors the state of the economy.
Categories: Business, Economy & Banking