With the April 1, 2011 deadline for implementation of International Financial Reporting Standards (IFRS) in India getting closer, chief financial officers are having a tough time making their companies adhere to the mandate.
Speaking at a conference held by Dun & Bradstreet (D&B), a global provider of business information, knowledge and insight, in association with Indian Association of Corporate CFOs and Treasurers (InACT), several corporates here are mulling to approach the International Accounting Standards Board (IASB) to seek deferment in implementation deadline of IFRS.
Talking about IFRS during 'CFO Series 2009' in Ahmedabad, Sanjeev Bafna, director - InACT and president and deputy CFO, Grasim Industries said, "The aim behind this conference was to bring together CFOs from various industries and understand the challenges and opportunity that lie ahead. One of issues that has come out strongly is that the India Inc. is not ready to implement IFRS by 2011. We are mulling to approach the international body and seek deferment of the deadline."
Starting April 1, 2011, all listed company will have to mandatorily adopt the International Financial Reporting Standards. However, several compatibility issues have been propping up even as the deadline approaches.
Elaborating on the CFO series, Bafna added, "InAct is a body of finance professionals, engaged in institutionalizing of the best practices among various corporates in accounting, corporate governance, knowledge sharing, risk management, treasury management, etc. Besides, it also participates at various forums and also proactively participates with various regulatory bodies and authorities.”
