The Ministry of Corporate Affairs (MCA) is again seeking views from companies which are likely to be covered during the first phase of IFRS convergence starting from April 1, 2011. The PMO has asked MCA to seek fresh comments from stakeholders in view of mounting pressure from the corporates who are saying that it is too late to notify these accounting standards. However, the MCA maintains that it had released the roadmap for IFRS convergence well in advance. It is saying that though it had not formally notified the IFRS convereged standards, it had taken measures to create awareness about them. In the meantime, MCA and the Finance Ministry have agreed to treat notional gains arising from IFRS convergence as other comprehensive income, ie, in a separate column in the balance sheet. However, it is still uncertain if the first phase of IFRS convergence will actually begin from April 2011 or not.
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