Towards this end, amendments need to be made to existing laws and regulations, notably the Companies Act, 1956 provisions and schedules that detail the requirements of financial statements need to be harmonized with IFRS requirements and converged Indian Accounting Standards need to be notified under section 211 (3C) of the said Act.
Additionally there are also issues relating to taxation under an IFRS converged environment. There is also a need to improve awareness in general and build technical competence for the accounting and auditing profession on IFRS.