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ICAI inks pact with IFRS Foundation over copyrights

Press Trust of India  |  New Delhi 

Chartered accountants' apex body has entered into a pact with the in relation to copyrights of standards.

The foundation issues (IFRS).

The of India (ICAI) has entered into a Memorandum of Understanding (MoU) with the foundation, a release said Monday.

"This MoU will formalise the mutual understanding and acceptance about the rights of each of the parties in the copyrights in IFRS Standards and Ind AS," it added.

Ind AS or Indian Standards are converged with the IFRS.

According to the release, the has authorised the to sign an MoU with the Foundation on its behalf.

Besides, the institute has entered into three other agreements with the foundation relating to sharing of IFRS knowledge data base and its copyrighted materials with

As per the Companies Act, 2013, certain class of companies are required to comply with IFRS-convergent Ind AS. Presently, 39 Ind AS have been notified by the government for compliance.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, October 08 2018. 21:45 IST