| A delegation as led by Sir David Tweedie, Chairman, International Accounting Standards Board (IASB) along with Mr. Warren McGregor, Borad Member had visited the Institute of Chartered Accountant of India and met CA .Ved Jain, President , CA.Uttam Prakash Aggarwal, Vice-President , Mr.Ashok Haldia , Secretary , CA Amarjit Chopra, Chairman, Accounting Standard Board (ICAI) and Dr.Avinash Chander, Technical Director on 26th -27th March 2008. |
| |
| The IASB is committed to developing, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that require transparent and comparable information in general purpose financial statements. The IASB co-operates with national accounting standard-setters to achieve convergence in accounting standards around the world. |
| |
| During their visit, they interacted with the Press and had discussed the IFRS convergence program being followed by various countries worldwide. They had also interacted with the members of Chambers of Industry from CII, ASSOCHAM, FICCI and PHD Chambers on the convergence issues . On 27th March 2008, during the Regional Setters meeting at Indian Habitat Centre, the delegates from SAFA member bodies i.e Nepal, Pakistan, Bangladesh and Srilanka along with Mr. T V Mohandas Pai, Director Infosys, IASCF Trustee had interacted with the IASB Chairman and Board member on the Challenges being faced by these countries while convergence with IFRS .Sir Tweedie and Mr. McGregor had also met Mr. Tarun Bajaj, Joint Secretary (Banking and Insurance) , Ministry of Finance to discuss the government and regulatory framework for the adoption of IFRS in India. |
| |
| Recognizing the need for Convergence with IFRSs in India, the Council of the ICAI has decided to converge with IFRSs issued by the IASB from the accounting periods commencing on or after 1st April, 2011 for the listed entities and other public interest entities such as banks, insurance companies and large-sized entities subject to its confirmation from the government and other legal and regulatory authorities. |
| |
| |
| |
| |
| |
