Indian companies with a prescribed net worth must implement International Financial Reporting Standards by April 2015, the Indian accounting regulator said. K. Raghu, the incoming president of the Institute of Chartered Accountants of India, said that implementation of IFRS will be the prime objective of the institute. "We want to see IFRS being implemented by large-sized companies because it has already been adopted by 130 countries. So we have no choice but to align ourselves with what is happening globally," Raghu said.

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