Swami
Finance Mgr
[ Scorecard : 24]
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Posted On 17 September 2009 at 11:17
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Hi all.
The convergence note of ICAI states that IFRS is applicable from 2011.
IFRS in India would cover the following public interest entities in its first wave.
1) Listed companies
2) Banks, insurance companies, mutual funds, and financial institutions
3) Turnover in preceding year > INR 1 billion
4) Borrowing in preceding year > INR 250 million
5) Holding or subsidiary of the above
Does this mean Private Companies are not required to comply with IFRS as of now? Are there any references/websites/guidance notes/interpretations that states this clearly? If so pl provide me the link
Thanks
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CA. Amit Daga
Finance Controller CA. CS. CFA. CIFRS. M.COM.
[ Scorecard : 8835]
Forum Moderator
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Posted On 06 October 2009 at 14:47
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Private company will cover under phase manner
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Anshika
CA -Industry- Sr.Accounts Officier
[ Scorecard : 141]
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Posted On 21 December 2009 at 12:02
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It is not clearly written as of now , But they will be covered in future
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C.A Rohit Gambhir
C.A
[ Scorecard : 265]
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Posted On 22 December 2009 at 23:14
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A separate IFRS on SME's has been issued by the Board which will be applicable to all entities except those having public interest.
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shiv arora
article
[ Scorecard : 35]
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Posted On 14 June 2010 at 11:08
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Is IFRS applicable to public sectors only & whats procedure to apply IFRS in our accounts????
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CA Kishore, Cert IFRS & Valuer
Manager - Risk and Compliance
[ Scorecard : 2575]
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Posted On 14 June 2010 at 14:37
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Hi..
IFRS is as equally applicable to Private Companies as that of Public Companies or Listed Companies but on fulfillment of certain criteria.
PFA a Power Point Presentation given by me regarding what is IFRS and what is the applicability and status of the same in INDIA and a slight discussion on AS 10 (Fixed Assets), IAS 16 (Property Plant & Equipment)and Converged AS 10 (Property Plant & Equipment).
Hope this may be useful. Kindly let me know if u have any further clarifications required on IFRS.
Thanks and Regards,
CA Kishore Tallam ACA, IFRS Certified
Attached File : 4 introduction to ifrs and discussion on as 10 ias 16.pdf downloaded 84 times
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