India could look at adopting international accounting standards IFRS in the long term based on how the converged norms work out, according to ICAI.

Rather than adopt the International Financial Reporting Standards (IFRS), India at present is only looking to converge with this set of norms through Indian Accounting Standards (Ind AS).

"Yes, we are open to adoption it is not that we say we are closed (on the issue)," Institute of Chartered Accountants of India (ICAI) President K Raghu said during an interaction recently.

"Once we set our convergence mode we will try to test the financial reporting standards on various corporates in India and definitely the next step would be how to look at adoption (of IFRS)," he said.

ICAI, the country's accounting regulator, has suggested a road map to the Corporate Affairs Ministry for the gradual convergence with IFRS.