Infosys files quarterly report on Form 6-K

BANGALORE, INDIA: Infosys Technologies filed its quarterly report on Form 6-K with the US Securities Exchange Commission (SEC), which included financial statements prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS). The date of adoption by Infosys of IFRS is expected to be March 31, 2009 with the date of transition being April 1, 2007.

In addition to this, the company has voluntarily filed unaudited financial statements prepared in accordance with US GAAP for the quarter ended June 30, 2008 as an exhibit to its quarterly reported on Form 6-K. The company intends to adopt IFRS as of March 31, 2009 and intends to continue providing unaudited US GAAP financial statements for quarters ending September 30, 2008 and December 31, 2008 as an exhibit to its  quarterly reports on Form 6-K.

The world is moving towards providing the capital markets with a common set of high quality financial statements. Many countries and companies are transitioning to IFRS, and the SEC, in recognizing this transition, has recently adopted rules permitting foreign private issuers to file financial statements in IFRS without reconciliation to US GAAP.

Infosys’ Chief Financial Officer V. Balakrishnan said, “Infosys is always in the forefront of adopting the best financial accounting and corporate governance practices and this is yet another milestone in this continuing journey.”