In India, convergence of IFRS with its domestic accounting standards will be made in phased manner starting from 1st April,2011 as under:
Following companies are required to converge with IFRS from April,2011 in the first phase:
(i) Companies listed in India or outside.
(ii) Companies not listed but have net worth of Rs1000 crore or more.
Accounting to Institute of Chartered Accountants of India(ICAI),IFRS was to be implemented from April,2011 but was put on hold and is under review. The expected date of implementation is yet to be declared.

Accounting standards are principles that guides and standardizes the process of accounting and is notified by the Ministry of Corporate Affairs.
The advantages are:
(i) Accounting practice is standardized and hence comparison of accounts of different companies is possible.
(ii) Window dressing manipulation is not possible.

Accounting Period Concept:
(i) According to Accounting Period Concept, the economic life of an enterprise is divided into some shorter and convenient period for the measurement of income.
(ii) An accounting period is the interval of time at the end of which financial statements are prepared in order to show the results of the business.
(iii) Since the life of the business is considered to be indefinite, the measurement of income in studying the financial position of the business after a very long period will not be helpful to various groups interested in the business. Therefore, accountants choose some shorter and convenient time for accounting period.
(iv) Various tax laws like Companies Act, Income Tax Act.,SalesTax,etc., recognise one year as accounting period. This concept facilitates the preparation of financial statements.

(i) Under the Accounting Entity Principle, an accounting entity is held to be "Separate and distinct from its owners". Following this Principle we therefore record all the transactions of the business from the point of view of the business and not from the point of view of the proprietor.
(ii)As we consider owner to be distinct from the business, he is treated as a creditor to the extent of the capital. It is important to understand that without such a distinction, the affairs of the business will be all mixed up with the private affairs of the proprietor and true picture of the firm will not be available.
(ii)The principle of accounting entity is applicable to all types of business. In case of sole proprietorship and partnership firm, though the sole proprietor or the partners are not considered as separate entities in the eyes of law, for accounting purposes they will be considered as separate entities. In case of companies, the law recognises legal entity of the business separate from its owners, i.e., shareholders. The accountant will record transactions between the owner and the firm. For instance, when capital is provided by the owner, the record will be shown by the firm as having received money and the same being owed to the proprietor. In case, the proprietor withdraws money from the business, it will be charged to him. An account is maintained for the owner in the name of capital like other parties.

Money Measurement Concept: Money measurement concept means that only those transactions which can be expressed in terms of money are recorded in the books of accounts. It means that transaction and facts, which cannot be expressed in terms of money, will not be recorded. For example, general health condition of the managing director, working conditions, sales policy, industrial relations, quality of the products etc. are very useful facts of the business but are not shown in the books of accounts because these cannot be expressed in terms of money. This concept restricts the scope of accounting to the information which can be expressed in terms of money. In this way, the scope of personal judgement and bias is restricted. Further, this concept makes accounting data homogenous and helps in understanding the affairs of the business.

The concept of money measurement states that only those transactions and happenings should be recorded in organisation which can be expressed in terms of money such as sale of goods or payment of expenses or receipt of income, etc. are to be recorded in the books of account. All those transactions or happenings which cannot be expressed in monetary terms, for example, the appointment of a manager capabilities of its human resources or creativity of its research department or image of the organisation among people in general do not find a place in the accounting records of a firm.
Change in prices, the value of money does not remain the same over a period of time. The value of rupee today on account of rise in prices is much less than what it was, say ten years back. Therefore, in the Balance Sheet, when we add different assets bought at different points and different time, say building purchased in 1995 for Rs 2 crore, and plant in 2005 for Rs 1 crore we are in fact adding heterogenous values, which can not be clubbed together. As the change in the value of money is not reflected in the books of accounts, the accounting data does not reflect the true and fair view of the affairs of an enterprise.

The process of ascertaining the amount of profit earned or the loss incurred during a particular period it involves deduction of related expenses from the revenue earned during that period. The matching concept emphasises exactly on this aspect. It States that expenses incurred in an accounting period should be matched with revenues during that period. It follows that the revenues and expenses incurred to earn these revenues must belong to the same accounting period. Revenue is recognised when a sale is complete or services is rendered rather when cash is received. Similarly an expense is recognised not only when cash is paid but when an asset or services has been used to generate revenue. For example, expenses such as salaries, rent, insurance are recognised on the basis of period to which they relate and not when these are paid. Similarly, costs like depreciation of fixed asset is divided over the periods during which the assets is used.
The matching concept, thus, implies that all revenues earned during an accounting year, whether received during that year, or not and all costs incurred, whether paid during the year, or not should be taken into account while ascertaining profit or loss for that year.

(i) Money measurement concept: Restricts the scope of accounting to factors that are measurable in terms of money. It says only the transactions measurable in terms of money are to be recorded. While we can record values of various assets and liabilities, we cannot record the. level of satisfaction of our customers and loyalty of our employees. We can say our customers are 'happy' or 'very happy', but we cannot write in our accounts how much our customers are happy, simply because 'happiness' cannot be measured in terms of money.
(ii) Principle of Full Disclosure: This principle implies that the accounting report should be full and accurate. If there is any material fact which can affect the profitability of the business in future, it must disclose it to the users whether it is legally required or not. There are standard forms for Balance Sheet, Notes to Accounts for Balance Sheet and Profit & Loss Account. It is a legal requirement for joint stock companies to present information in the standardized form.
(iv) Dual Aspect Principle: This principle is the backbone of accounting. Every business transaction affects at least two aspects in a business. When we buy goods, we get goods and pay cash. When we sell goods we give goods and get cash. Accounting is much more than just buying and selling. Dual aspects is involved in every transaction and event which gives rise to the basic accounting equation, Equity + Liabilities = Assets.