Govt to come out with roadmap to help cos adopt IFRS norms

The government today said it would come up with a roadmap in November to help companies to adopt International Financial Reporting Standards (IFRS) which will become operational from 2011.

The government will take the concerned regulatory agencies like SEBI and others on board before finalising the roadmap, Corporate Affairs Minister Salman Khurshid told reporters on the sideline of a conference organised by Indian Chambers of Commerce here.

Replying a question on New Company Bill 2009, he said the government had tabled the best possible bill in Parliament under the present circumstances.

He said the bill has now been referred to the Standing Committee of Parliament and a final shape to it would be given after recommendations from the panel.

Khurshid said that the new bill was needed since the existing Companies Act called for a complete overhaul.

Commenting upon the Satyam fiasco, he said that it was an aberration which had been caused by human affairs and there was nothing supernatural.

The minister said there was need to strengthen the Serious Fraud Investigation Office (SFIO) to prevent recurrence of such cases.

Khurshid said the government was contemplating to set up an Equal Opportunity Commission to bring about diversity in workplace and educational institutions.