NEW DELHI: Salman Khurshid, Minister of State for Corporate Affairs has made a formal announcement of adopting the new regulations in accounting standards under IFRS, which would be put in effect from April onwards.
Under the new rules, the investors across the globe would have more trust in investing in Indian companies and the financial statements issued. Initially, the new IFRS system was opposed by many from the corporate world as well as accounting.
As per the sources, it is believed that the Indian economy would benefit greatly from the new implemented IFRS regulations. Under this, however, the role of auditing committees as well as the auditor is likely to gain more importance.