In 2007 the ICAI decided that India should converge towards IFRS in a definite time frame in the wake of developments taking place in other major jurisdictions which had set up time schedules for migrating towards IFRS.
Lessons from the financial crisis – review of standards for financial instruments One of the most destabilizing elements of the global financial crisis has been the pro-cyclical amplification of financial shocks through the banking system, financial markets and the broader economy.