Filing in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board
Bangalore, India - August 19, 2008
Infosys Technologies (NASDAQ: INFY) filed its quarterly report on Form 6-K with the U.S. 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."
Infosys (NASDAQ: INFY) defines, designs and delivers IT- enabled business solutions that help Global 2000 companies win in a Flat World. These solutions focus on providing strategic differentiation and operational superiority to clients. With Infosys, clients are assured of a transparent business partner, world-class processes, speed of execution and the power to stretch their IT budget by leveraging the Global Delivery Model that Infosys pioneered. Infosys has over 1,00,000 employees in over 50 offices worldwide. Infosys is part of the NASDAQ- 100 Index and The Global Dow. For more information, visit www.infosys.com
Statements in connection with this release may include forward-looking statements within the meaning of US Securities laws intended to qualify for the "safe harbor" under the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties including those described in our SEC filings available at www.sec.gov including our Annual Report on Form 20-F for the year ended March 31, 2008, and our other recent filings, and actual results may differ materially from those projected by forward-looking statements. We may make additional written and oral forward-looking statements but do not undertake, and disclaim any obligation, to update them.
For further information, please contact: PR_Global@infosys.com