He was delivering a talk on ‘IFRS: Issues and Challenges’ at a national conference on financial reporting standards and tax reforms organised by the Faculty of Commerce of St Aloysius College at the College Auditorium here on Friday. Shenoy said that the ICAI has announced the adoption of IFRS standard for presentation of financial statements mandatory for all the listed companies in India.
The Ministry of Corporate Affairs has also, through a press release in May 2008, clarified that the Government will continue harmonisation of the Indian accounting standards with IFRS with the intention of achieving convergence by 2011. MCC Commissioner Dr K N Vijay Prakash also spoke.
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