India will be implementing its own Indian Accounting Standards (IND AS) instead of fully adopting the International Financial Reporting Standards (IFRS). While IFRS provides good guidelines, some standards do not sufficiently address issues important for developing economies like India. The pending companies bill would resolve tax-related issues by introducing Taxation Accounting Standards. Once the companies bill passes, it will clear up remaining ambiguities around implementing IND AS in India.

1. TAKSHILA LEARNING PVT. LTD.
IFRS in India – Final Word
Let me put all the controversies to rest, once and for all, we are not going for IFRS in India for
sure ……….. before you faint, let me complete; India will be implementing IND AS. Yes, our very
own (home grown and inspired by IFRSs) Indian Accounting Standards.
We had the opportunity to listen to Joint Secretary, Ministry of Corporate Affairs, Ms. Renuka
Kumar in the CII conference. She also elaborated on the reasons of staying away from IFRS,
please read on….
There are a few standards which do not sufficiently take care of the interests of developing
economies like India. Madam Renuka gave examples like the standard on Agriculture and the
standard on Oil & Gas Exploration are the ones where India is not aligned at all with IASB. In
fact, ICAI has given several representations on the same to IASB, the International Accounting
Standards Board on the same.
Now, coming to the status on IND AS ……… which are very much ON. The companies bill, which
is pending for legislation in the parliament, puts to rest every stakeholders’ inhibitions including
the Ministry of Finance on the issues of taxation. All the issues related to taxation will be put
aside with introduction of Taxation Accounting Standards (TAS).
Now, it is only a matter of parliament functioning properly to pass the companies bill which
should remove most of the ambiguities floating in today’s times.
One thing good to note out of all this is that howsoever confused and lost the government (read
MPs) may look, there are officials like Ma’am Renuka, who are amply clear on what we need to
do in India and for the benefit of most stakeholders. Our complements and best wishes to the
Joint Secretary, MCA for many more well thought out and prudent initiatives. Some of these
bureaucrats are India’s only hope in bringing in more transparency and reigning-in black
economy which is what kills the common man.
Patel Nagar Office (Corporate Section): Laxmi Nagar Office (Student Section):
4/4, East Patel Nagar, 1/44, Ground Floor, Lalita Park, Laxmi Nagar
New Delhi – 110 008 Ph: 99581 57000 New Delhi – 110 092 Ph: 97176 86000
info@takshilalearning.com www.takshilalearning.com
https://twitter.com/#!/TakshilaLearn http://www.facebook.com/#!/takshilalearn