Starting FY12, TCS results will be IFRS compliant

Country's largest software exporter Tata Consultancy Services (TCS) today said it will adopt the global accounting standard IFRS from this fiscal, although the government is yet to finalise a date for its implementation for corporates.

"We will be reporting our June quarter numbers in Indian and Gaap as well as in IFRS (International Financial Reporting Standards) compliant format," TCS Executive Director and Chief Financial Officer S Mahalingam said here.

"I see neither any positive nor negative impact on our numbers due to this implementation," added Mahalingam, who is chairman of industry body CII's IFRS committee.

He was talking to the media here on the sidelines of the 3rd international summit on IFRS organised by CII.

The government has put on hold implementation of the convergence of domestic accounting standards with the international standards, following lobbying by corporates and some unresolved taxation issues.

Earlier, the government was planning to converge the domestic accounting norms with IFRS from April 1, in a phased manner. However, various companies lobbied hard to get it deferred, saying that they were not prepared for it.

Industry body Ficci had even written to the Corporate Affairs Ministry seeking more time to comply with the new accounting standard.

Putting off the implementation -- citing several unresolved issues, including tax related ones -- on February 25, the Finance Ministry said it would be ensure that the IFRS convergence is smooth for the stakeholders.

It notified 35 accounting standards to update domestic accounting norms in line with IFRS and said that the new date would be announced after the Budget.

However, nothing has been heard on the issue since then.