Ifrs applicable to pe (Accounts)

This query is : Resolved

A R

( Author )
30 June 2012

Hi,

I am compiling applicability of IFRS on PE (Private Equity Fund) as Trust. In case some one has know, please respond.

Thanks

Sanjay Chauhan (IFRS)

( Expert )
30 June 2012

If it is in a jurisdiction where the stautory GAAP is IFRS, then yes.

A R

( Author )
30 June 2012

question here is what all accounting standards would be applicable.

Sanjay Chauhan (IFRS)

( Expert )
30 June 2012

All IFRS. There is no scope exemption for trust in any standard.

A R

( Author )
30 June 2012

Trust is not covered under in any of the classification, which are given by MCA to be applicable w.e.f. 2011,2012,2013&2014.

Sanjay Chauhan (IFRS)

( Expert )
30 June 2012

The above replies were not for Indian Trust.

In Europe where IFRS is applied, there is no specific exemption from trust.

Thus if India does not carve out then i suppose it will be applicable to the trust, probbaly with the last set of entities that will be requried to converge.

There are also IFRS for SME categories introduced by IASB. will have to see what will be MCAs approach towards that.

A R

( Author )
30 June 2012

In case a TRUST has invested more than 50% in a pvt ltd company. whether IND AS 27 - Consolidated Fin stateemnt would be applicable. or for 20% to 50% IND AS 28 would be applicable - Investment in associate.

Sanjay Chauhan (IFRS)

( Expert )
30 June 2012

if more than 50% (presumed control) - Consolidation

If no control but 20% or more - Associate.

Sanjay Chauhan (IFRS)

( Expert )
06 July 2012

There is a new exemption in pipeline under IFRS for Investment Entities.
Expected to be rollwed out in second half of 2012.

Regards,
Sanjay Chauhan

A R

( Author )
06 July 2012

Kindly share the source of information.