When India announced in 2007 that it would fully adopt International Financial Reporting Standards by 2011, nobody doubted it would. Two years later … nobody is quite so sure.
“Whether all organizations in India adopt IFRS by 2011, we will have to wait and watch,” says Manish Dugar, CFO of Wipro Technologies. “My estimate would be that it would not be possible.”
What happened? Plenty. Foremost, scrapping a national accounting system in favor of IFRS is a formidable task for any nation—and India, like many developing nations, suffers a lack of skilled labor to help make the transition.
Others say Corporate India ...