Satyam Computer Services announced that it has posted its audited results for Fiscal Year 2008 in accordance with the International Financial Reporting Standards, making it one of the first Indian companies to do so. The IFRS is a compilation of principle-based standards designed to enable a more universal understanding of operational reporting. It is gaining widespread global acceptance; the European Union adopted the standards in 2005, while Canada, China, Japan, and the United States also plan to converge. The Indian Institute of Chartered Accountants has also plans to adopt IFRS throughout the country by 2011.

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