“The ministry will carry out the exercise for necessary amendments in the Companies Act in the forthcoming budget session of parliament,” said a statement from the corporate affairs ministry.
The government plans to migrate to an internationally accepted accounting standard by April 2011. A core group of officials from the ministry of corporate affairs and finance, the Reserve Bank of India and regulators from various related fields met Tuesday to finalise the roadmap to adopt the new standards.
Published 13 January 2010, 16:58 IST