Has India Abandoned IFRS?

I need to be careful here, because this is something I was told second hand: India has bailed out of IFRS.

My source is a member of the Consultative Advisory Group of the International Auditing and Assurance Standards Board. He reports that he had a conversation with another CAG member, the IASB Director of Research, Wayne Upton, during a break of their recently-concluded meeting. Upton reportedly said that India had just recanted; apparently because the Indian Accounting Standards would have contained something like 65 carve outs, and they didn't see the point of it all.

From a market-share perspective, the loss of India essentially means that IFRS has let slip through its fingers 17% of the world's population, in one of the fastest growing economies, and with one of the most sophisticated accounting professions. If the U.S. becomes the next domino to fall (as it should!), IFRS will be rapidly and perilously approaching its stasis: E(uropean)FRS.

I haven't found any online articles yet indicating that India has abandoned IFRS, so it might be that you could have actually heard it here first. Anyway, it's probably a safe bet that you won't be learning about it very soon in any Big Four, AICPA or IFRS publication.

But, whatever the case, I would be very interested in obtaining a detailed listing of those 65-odd carve-outs; and if I do I'll certainly write a post about it. Does anybody have an online (or other) source that might have this information?