Reporting under IFRS, as proposed by ICAI, would be applicable for accounting periods beginning on or after April 1, 2011. The first set of IFRS financial statements for the year ending March 31, 2012 would require preparation of:

1.            Opening balance sheet as on April 1, 2010 (a kind of Parallel Accounting);

2.            Comparative financial statements – year ending March 31, 2011;

Reporting enterprises would need to ensure preparedness for IFRS reporting as early as April 2010.