Taskforce to go into issue of opting for IFRS accounting standards

New Delhi, Oct 14 (UNI) A task force has been set up by the Accounting Standards Board of the Institute of Chartered Accountants of India (ICAI) to go into the issues involved in full convergence of standards by the Indian accounting profession with prevailing international norms.

The task force, which will be headed by ASB Chairman S C Vasudeva, will examine the various issues involved and formulate a concept paper in this regard.

The other members of the task force include ICAI council members, Infosys Director (HR) Mohandas Pai and Prof Sundar Rajan of Bangalore.

Briefing the press, ICAI President T N Manoharan today said full convergence of Indian Accounting Standards with the widely accepted International Financial Reporting Standards (IFRS) would hold many implications for the Indian auditing profession, the various regulators and local companies.

Meanwhile, the ICAI has approved the Auditing and Assurance Standard (AAS) 35 "The Examination of Prospective Financial Information" at its meeting held here this week.

Prospective financial information is submitted by entities to banks and financial institutions when seeking a loan at the time of their start-up phase or making a major change in scale of operations.

Now, the chartered accountant assigned such tasks can refer to the new standard which lays down the examination procedures and reporting formats, both in the case of forecast and projections, Mr Manoharan said.

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