It is more than coincidental that the timing of this change in our fortunes broadly coincides with the timing of increasing pressure on the federal budget, an increase in the general sense of economic uncertainty, slower gains in some asset prices and slower growth in wages and profits. Inevitably, when income growth is weak the effects are felt broadly through the community.
Thereafter, the Institute for Chartered Accountants (ICAI) will need to promulgate the converged standard for India. This presents a moving target given the short time available for convergence with IFRS. Converging to the standards would require considerable skill upgradation and modification in the IT systems of banks.