According to an Ernst and Young, India survey more than 50% of the 112 Indian senior finance executives canvassed are concerned about the problems of adopting international reporting standards, IFRS, with the relevant tax laws and regulations still unclear.
India plans to converge with IFRS accounting standards by 2011, and larger companies may need as long as two years to prepare.
However four out of five respondents were confident they could meet this deadline and two thirds had already discussed the implications at board level.
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