CESR concludes that the Indian GAAP can be determined as equivalent. However, ICAI noted that it might make minor modifications to IFRSs to reflect "Indian conditions".
CESR concludes that the Indian GAAP can be determined as equivalent. The ICAI as well as the Indian Government confirmed to achieve convergence with IFRS by 2011. However, ICAI has noted that it might make minor modifications to IFRSs to reflect "Indian conditions" such as requiring additional disclosures, changing some terminology and omitting some options or alternative treatments.
Deadline for comments is 24 October 2008.
Consultation paper
© CESR - Committee of European Securities Regulators
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