Accounting
This query is : Resolved
Guest
Guest
(Expert)
15 December 2011
15th December, 2011
Dear Rajni,
Mr. R Bandopadhyaya - Secretary, Minister of Corporate Affairs has already made it clear that IFRS will be applicable to Indian Companies in stages commencing from April, 2011.
As regards the companies that should do the convergence first, he said that listed companies should go ahead with early adoption of IFRS if they feel that this would help their business and give them more credibility in the foreign markets. “SEBI is asking for early convergence. The listed companies can come forward in the first instance. Then other bigger companies should follow. ICAI and NACAS are looking into this. The Government is waiting for their final reports. We will take a view after final reports come to us,” Mr Bandyopadhyay said. He also asked industry to submit views on the kind of legislative changes that need to be undertaken for smooth transition to IFRS. India Inc has also been asked to submit views on whether the IASB developed document of “IFRS for SMEs” should be entirely accepted by India.
So, IFRS is automatically included in the study curriculum of students and will be applicable for May, 2012 examinations.
FCA Prashant Chavan
Dear Rajni,
Mr. R Bandopadhyaya - Secretary, Minister of Corporate Affairs has already made it clear that IFRS will be applicable to Indian Companies in stages commencing from April, 2011.
As regards the companies that should do the convergence first, he said that listed companies should go ahead with early adoption of IFRS if they feel that this would help their business and give them more credibility in the foreign markets. “SEBI is asking for early convergence. The listed companies can come forward in the first instance. Then other bigger companies should follow. ICAI and NACAS are looking into this. The Government is waiting for their final reports. We will take a view after final reports come to us,” Mr Bandyopadhyay said. He also asked industry to submit views on the kind of legislative changes that need to be undertaken for smooth transition to IFRS. India Inc has also been asked to submit views on whether the IASB developed document of “IFRS for SMEs” should be entirely accepted by India.
So, IFRS is automatically included in the study curriculum of students and will be applicable for May, 2012 examinations.
FCA Prashant Chavan
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