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IFRS - Phased implementation in India

I attended a two day IFRS workshop last week. It was really good. With the deadline for IFRS implementation nearing and in another 4 months the comparative period will start, we need to gear up for the IFRS adoption / convergence / migration (you can choose whatever you feel).

What India Inc is going to do? It was decided to go in phases and key representative from various industries are picked up for the I phase. Nifty companies, banking, insurance companies are pulled into the I phase.

The first list comprises 439 companies. It includes
  • BSE-Sensex companies
  • NSE-Nifty companies, 
  • companies that have raised debt of over $50 million abroad, 
  • financial sector companies, 
  • publicly accountable companies (with total borrowings of over Rs 1,000 crore), 
  • Indian subsidiaries of foreign companies that have implemented IFRS at the parent company and 
  • companies outside these categories with capital of over $50 million abroad.
ICAI is also mulling including venture capital funds also in the IFRS convergence process.

The first list includes
  • BSE and NSE companies                                                         - 52
  • insurance companies                                                             - 44
  • mutual fund companies                                                          - 46
  • Indian banks with presence only in India                                 - 37
  • foreign banks with a presence in India                                   - 30
  • Indian banks with overseas branches                                      -  8
  • Indian bank with subsidiaries/JV abroad (Central bank of India)- 1
  • Indian banks with representative offices abroad                       - 4         . 
This cleary shows the commitment of India to the IFRS implementation.

Let us gear up for the same. You can now expect more postings on IFRS.

Cheers,
Gopal

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