The international financial reporting standards will be implemented in the country from the 1st of April next year. The corporate affairs minister Salman Khursheed said in New Delhi that the committee of secretaries has addressed all issues to ensure its implementation. The committee of secretaries will soon finalise the proposal of introducing changes in the companies bill to give legal sanctity to the new accounting system in India.AIR correspondent adds that this will replace the Indian accounting standards currently being followed by the corporate sector. The new system is expected to transform companies balance sheet's and improve transparency in the financial statements. It will also facilitate listing of Indian companies on international stock exchanges and raise cheaper funds overseas.