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Top tips to prepare for IFRS

18 January 2012

The saga of IFRS in India continues to unfold. Deadlines for its introduction have been and gone. Many in the tax community say that, while IFRS is inevitable, it probably won’t surface until 2013. Joe Dalton offers insight into how taxpayers can prepare for its implementation.

New standards: India’s migration to IFRS is inevitable
Source: www.ifrs.org

Taxpayers should seize the delay in the implementation of IFRS to ensure a smooth transition when it eventually does arrive. And there are certainly practical steps businesses can already take.

With an expected implementation date of April 1 2013, Jitendra Grover, head of tax for Nokia in India, said one challenge his company faces is the retraining of financial personnel to bring them up to speed with changes to the accounting requirements.

"Given that IFRS standards are well established globally, there are many experts available to us who we can bring in to provide good training to our personnel," said Grover.

In many Indian companies, data entry into accounting systems is carried out by accountants who graduated from domestic universities that do not teach IFRS.

Gagan Kumar, of law firm Archer & Angel, said companies must therefore...



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