More than half of companies in India are not yet ready for new Indian Accounting Standards, according to a new survey.
The accounting standards, which are mostly converged with International Financial Reporting Standards, are supposed to begin taking effect in phases starting April 1. But according to a survey of 100 companies in India last month by PricewaterhouseCoopers, more than half have yet to plan or begin implementing changes, according to the Business Standard, a business newspaper in India.
In addition, 39 percent of the companies surveyed in India by PwC have yet to begin or plan for an impact assessment of the adoption of Indian Accounting Standards.
Take heart, then, U.S. companies that are not yet ready for FASB’s latest U.S. GAAP standards.