MUMBAI:The adoption of International Financial Reporting Standards in India, proposed from April 2011, may have a significant impact on corporate India, a report by KPMG has said.

IFRS aims to have a single, financial reporting system across the globe.

The KPMG report said the though the Institute of Chartered Accountants of India has been harmonising existing accounting standards with IFRS, there are significant differences between Indian accounting standards and the international standards.

“Elimination of these differences on adoption of IFRS may have a significant impact for corporate India,” the report said. — PTI