FICCI demands delay in implementation of IFRS

New Delhi, Dec 27 (PTI) Industry body FICCI has asked the government to delay implementation of international accounting norms, IFRS, beyond April 2011, saying the deadline is "highly unworkable" and "unfair".

In a representation to the Corporate Affairs Ministry, FICCI has said that the transition should be brought in when companies are better equipped to deal with the new envisaged accounting concepts and standards.

"Industry (should) be provided at least one year's preparatory time from the date when the harmonised, notified and legislated converged accounting standards and other related matters are in place," FICCI said.

It pointed out that at the current juncture, global standards themselves are up for revision.

Listing the changes, FICCI said that financial instruments, like derivatives, loans, and investments, accounting and reporting framework, accounting for income taxes, revenue recognition, and accounting for employee benefits, are undergoing a major revamp.