'If IMFL works, so can IFRS'

At a conference on financial reporting standards, one of the speakers exhorted the audience, largely accountants and finance professionals, to make the new reporting norms under Ind-AS (Indian Accounting Standard) as popular as Indian-made foreign liquor (IMFL). “If IMFL can work in India, so can IFRS, where the ‘I’ should stand for India,” he said. Ind-AS is based on IFRS that actually stands for International Financial Reporting Standards.