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Diff. bet. IFRS and IAS

CA Mayur in Deloitte (CA b.com rank holder) (125 Points)

31 October 2009

HIiiiiii friends

can any one temme what is difference between IFRS and Internaitonal AS.

is it mandatory for india and from when

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7 Replies

sriniwas (Finance professional) (136 Points)
Replied 12 November 2009

Dear Mayur,

First of all, hearty congratulations on qualifying CA. Please go through this small article on IFRS and convergence in India context. It is a beautiful article comprehensively summarizes all bais aspects you need to know about IFRS. Here goes the link: file:///F:/vasista/IFRS/The%20Hindu%20Business%20Line%20%20%20For%20smoother%20IFRS%20convergence.htm

regards,

Sriniwas VN.

Vasista Foundation

CA Vasudha (CA) (47 Points)
Replied 12 November 2009

i think IAS & IFRS are same except that whatever was introduced before it was called IAS, now these accounting standards are called IFRS and many of these IAS are now amended and introduced in the form of IFRS

sriniwas (Finance professional) (136 Points)
Replied 12 November 2009

Yeah, Vasudha is correct. IFRS board took over from IASB board and the same is the case with many of the IAS.

CA. Amit Daga (Finance Controller CA. CS. CFA. CIFRS. M.COM. ) (9017 Points)
Replied 21 November 2009

yes she is rite.. ias is part of ifrs only.. old standard names with ias and new one is names with ifrs.. its like.. nayi glass mai purani sarab.. hahah