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Govt Sources: IFRS rollout likely to be next year post DTC

March, 17th 2011
International Financial Reporting Standards will be rolled out only after the direct tax code comes into effect, reports quoting government sources. According to Ministry of Corporate Affairs (MCA) sources, since the DTC is likely to come into effect on April 1 next year, implementation of IFRS will be deferred till the end of next year. Hence, there is a possibility that IFRS will be made optional for this year. The finance minister has not formed any opinion of IFRS tax treatment so far, added sources. Moreover, Ministry of Corporate Affairs is yet to amend Companies Act for IFRS convergence. Sources also said that the industry officials will meet of MCA officials on March 18 to discuss the issues further.