Answer / h.r. sreepada bhagi

IFRS will be applicable from April 2011. It's proposed to
make it applicable in a phased manner on certain criteria.
Not all the companies will come under compulsory purview of
IFRS from the next Financial year.

Up to the Financial Year 2010-11, Indian GAAP (Guided by
Accounting Standards issued by the Institute of Chartered
Accountants of India) is applicable.

For updated information on implementation in India as
planned, please contact the office of the Institute of
Chartered Accountants of India or any qualified Accountant.

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