IFRS stands for International Financial Reporting Standards and are a set of accounting standards developed by International Accounting Standards Board (IASB), an independent accounting standard setting body, based in London. IFRS is becoming
With the introduction of revised schedule VI, India has shown its intent to Converge Indian Accounting Standards (Ind AS) with International Financial Reporting Standards (I
This article covers the ‘Functional Currency’ aspect differentiating with ‘Presentation Currency’ as laid in Ind AS 21 i.e. IAS 21, which is totally new concept when India converges to IFRS.