ICAI Inks Pact With IFRS Foundation Over Copyrights

Chartered accountants’ apex body ICAI has entered into a pact with the IFRS Foundation in relation to copyrights of accounting standards The foundation issues International Financial Reporting Standards (IFRS). The Institute of Chartered Accountants of India (ICAI) has entered into a Memorandum of Understanding (MoU) with the foundation, a release said Monday. This MoU will formalize 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 Accounting Standards are converged with the IFRS. According to the release, the Corporate Affairs Ministry has authorized the ICAI to sign a 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 database and its copyrighted materials with ICAI. As per the Companies Act, 2013, a 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.

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