IASB Would Prefer If India Were to Play Ball, Adopt IFRS

The International Accounting Standards Board is none-too-pleased that India has retreated from plans to fully adopt International Financial Reporting Standards this year and is a making a public push to get the country back on track. A failure to persuade India on the issue would raise serious questions about how successful IASB can be in convincing other major economies, including the U.S., China and Japan, to make a full switch. “To put it in one sentence, we strongly encourage adoption as against convergence,” IASB member Prabhakar Kalavacherla said at a conference in Mumbai last week, according to a copy of his speech, where he urged India to take a bigger role in international standard setting to address its concerns. [CFO Journal]