The corporate affairs ministry is likely to notify within a month all sections and rules of the new Companies Act and start immediately thereafter the process of converging Indian accounting standards with the International Financial Reporting Standards (IFRS), which have to be implemented from April 2015 for companies with a net worth of more than Rs 1,000 crore.

"The ministry has said, 'let the Companies Act get notified and then we will take up the convergence of IAS-IFRS'," said K Raghu, president of the Institute of Chartered Accountants of India, the accounting regulator which had written to the corporate affairs ministry and given a revised road map for the implementation of IFRS from next April.

Raghu, who took over charge from Subodh Kumar Agrawal this month, said the implementation of IFRS would be the prime focusBSE 4.01 % 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," he said.

The IFRS, which mandates extensive disclosures, is considered a more credible tool for accounting.