- FRS bringing in a new world order in accounting. India to adopt it by 2011.
- Process of convergence has begun with new disclosure norms for derivatives
- New standards on asset evaluation and disclosures will be a challenge for India Inc
- Many firms lukewarm to the norms even as those with global presence are tuning in
- Regulatory approvals from bodies like RBI, SEBI and IRDA could take time
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