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Importance of IFRS

Kapil (ds) (92 Points)

15 July 2010

Hi Friends........

I wanted to enquire about the importance of IFRS in CA Final exminations. My attempt for the same is due in November 2010 and have just staarted reading AS. As i was going through M. P. Vijay Kumar book on AS, I was just a bit confuse about the provisions in IFRS and the same in AS. Would also like to know the marks allocation towards IFRS and its compariaion with AS.

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2 Replies

CA Amit Joshi (CA) (1141 Points)
Replied 04 August 2010

IFRS will applicable from nov 09 attempt. because amandments before 6 months applicable for the exm and ifrs applicable in india from April 2011.

After it i suggeste u to take a brife knowledge on ifrs. Only basic knowledge on it is enough. Don't read each ifrs.

All the best

Rineesh Raghavan (MD) (108 Points)
Replied 04 August 2010

Hi Kapil

IFRS only basic knowledge is required. If you think it is confusing you, just leave it! Seriously. At best they can ask 5 or 6 marks based on IFRS. At worst you'll secure ZERO. If you just read Indian AS and totally leave IFRS, and you get a question on IFRS, just answer based in Indian AS. They are similar anyway, even if not same. You would still manage 2 or 3 marks.

Most exams don't carry even a single question in IFRS. As I had posted in a different message board, IFRS is only Hyped up.

Take it easy yaar

Rineesh