Are the Indian Accounting Standards (India AS) equivalent to the International Financial Reporting Standards (IFRS)?

Whilst accounting standards in India differ slightly from the IFRS, India AS are likely to converge with the IFRS in the foreseeable future. While a phased convergence of India AS with the IFRS was initiated in April 2010 with a target date of April 2015 for full implementation, slow progress has led the Ministry of Corporate Affairs (MCA) to abandon this timeline in favor of a new roadmap for convergence expected to be released soon.