Thursday, October 13, 2011
| Posted by: Grant Thornton
Categories: India, India Watch Issue 14 | Tags: India, IFRS, financial reporting, GAAP, XBRL, MCA, balance sheet, Schedule VI, profit and loss accounts, New Schedule
The year 2011-12 was meant to be a turning point in India’s financial reporting and regulatory landscape. Lawmakers and standard setters in India had committed to update the old and somewhat archaic requirements to converge with International Financial Reporting Standards (IFRS), and to introduce new corporate and tax regulations by 2011. In 2008, the European Commission recognised that these changes were underway, and provided transitional relief for Indian companies reporting within the EU to use Indian GAAP financial statements on a temporary basis until 31 December 2011.