The International Accounting Standards Board recently reported the announcement by the Council of the Institute of Chartered Accountants of India (ICAI), at its July 2007 meeting, that Indian accounting standards will achieve full convergence with International Financial Reporting Standards (IFRS) for accounting periods commencing on or after 1 April 2011.
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The proposal is an ambitious one, and presents opportunities as well as challenges to Indian companies subject to the convergence proposal that seek to issue securities in the international capital markets. This article, the first of two on the subject, examines the opportunities presented by the ICAI’s proposal.
Easier comparison
Presenting IFRS financial statements in offering prospectuses and periodic reports will enable analysts and investors to more accurately benchmark Indian companies against their peers overseas.
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Arun Balasubramanian is a partner at Linklaters. His practice is focused on India-related capital markets matters, and his recent transactions include the US$2.2 billion IPO of DLF, the US$1.9 billion IPO of Cairn India, the US$700 million AIM listing of Unitech Corporate Parks and Tech Mahindra IPO. His other transactions include the IPOs of TCS, NTPC and IDFC and the ONGC and IPCL disinvestments.
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