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For example in view of the fact that various markets in the country are not supposed to possess the necessary depth and breadth , there has been reluctance in India to adopt FAIR VALUE approach in measurement of various assets and liabilities where as IFRS is based on the fair value approach.It is predicted by the think tanks of the country that a sudden convergence with IFRS may cause hardships to the Indian industry.
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For example the revised version of AS 15 permits deferment of expenditure incurred on account of termination of services arising in a voluntary retirement scheme for transitional period in view of the fact that the Indian industry was undergoing structural changes at the time when this standard was introduced.