India, Japan ink pact on IFRS

• India and Japan have signed a MoU on the globally acknowledged accounting norm, International Financial Reporting Standards (IFRS). The MoU dwells on exchange of views on legal and regulatory issues by both the countries while moving to the IFRS regime and address capacity building issues through knowledge and information sharing.

The MoU was inked in Japan between India’s Core Group on IFRS constituted by Corporate Affairs Ministry and Japan’s IFRS Council