Corporates to have new accounting system in 2011
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Chennai: The Indian government is firm on its decision to make companies adopt International Financial Reporting Standards (IFRS) from 2011, Corporate Affairs Minister Salman Khurshid said here Saturday. "We are on schedule on convergence with IFRS. Big corporates can migrate to the new standards while in the case of smaller companies it needs a calibrated approach," he said at Innovision 2010, an event organised by the Confederation of Indian Industry (CII). In January this year, the ministry had issued a roadmap for transition to IFRS. Citing the low percentage of household savings coming into the capital market, he said the government had started a massive investor education campaign so that more household savings could be channelised. Instead of opting for contract farming, he urged the farmers to look at organising themselves into corporate structures for better practices. Speaking at the function, Textiles Minister Dayanidhi Maran said economic growth has been driven by the private sector and a large number of textile units are betting on the Indian market. He said the government is taking steps to bring natural gas to the southern states from the Krishna-Godavari basin in Andhra Pradesh. CII President Venu Srinivasan said industrial and agricultural sectors should get assured and adequate power for the economy to grow.
Source: IANS
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