Auditors start gearing up firms on IFRS

Daily News & Analysis 24/03/2009

Grant Thornton, which released its first survey of companies on IFRS on Thursday, said, "Despite all the concerns that majority of the respondents have on various issues relating to India's transition to IFRS, majority of Indian entities feel they are prepared for this transition.” Considering the challenges involved and the shrinking timelines, the Indian regulators should consider making the transition applicable only to large or listed companies in the initial phase or otherwise significantly raise the thresholds for turnover and debt in the definition of public interest entities," Grant Thornton said.