IFRS & DTC

IFRS ( International Financial Reporting Standards )constitutes a set of financial reporting standards developed by the International Accounting Standards Board (IASB)- a nonprofit organization as a uniform set of standards for reporting financials of companies. India was expected to migrate to IFRS by April 1, 2011, but the migration was delayed by one year due to issues related to enactment of Direct Tax Code (DTC) Bill. The DTC is expected to be implemented from April 2012 onwards.