ICAI (Institute of Chartered Accountants of India) has taken a landmark decision to fully converge the accounting standards in India with international standards by 1 April 2011
IFRS (International Financial Reporting Standards) are increasingly being recognized as global reporting standards
ICAI has been strengthening initiatives to bridge gaps between Indian GAAP & IFRS. Instead of revising existing standards or adopting IFRS in stages, ICAI has approved total adoption by April 2011