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India is in danger of missing its deadline to implement mandatory use of International Financial Reporting Standards (IFRS) by April 1 and might even make their use optional.

With the self-imposed deadline just weeks away, the country's parliament has still not made required changes to its Companies Act or passed other legislation needed to usher in IFRS.

Local media now report that the Ministry of Company Affairs is considering delaying their adoption and making IFRS optional.

India had agreed to implement IFRS, opting for a phased approach depending on a company's size, starting from April.