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New Delhi, April 19 Corporate India expects the International Financial Reporting Standards (IFRS) to be applicable from April 1, 2011, and are confident of meeting the deadline, according to a survey of senior finance executives by Ernst & Young.
The primary objective of the survey was to gauge India Inc’s readiness for transition to IFRS.
Of the 112 responses received across a wide range of industries, an overwhelming 79 per cent said that IFRS will apply from 2011.
Overall, the survey gives encouraging signs of India Inc’s readiness to IFRS adoption, though there are some murmurs of discontentment.
The 79 per cent confidence vote was somewhat undermined by the fact that 78 per cent respondents had not established a timetable for the transition and 68 per cent respondents were not assigned any resources.
A majority of respondents, 56 per cent, were worried about unclear tax laws and 58 per cent respondents were concerned about unclear regulations on IFRS adoption.
As of now, India is only looking to converge with IFRS from April 1, 2011, and not adopt it fully.
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