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.
India's migration to IFRS is inevitable
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
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
"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
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