Certification in ifrs

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Dinesh Chauhan (Querist)

23 August 2015 what is value addition after completing certification in IFRS in my CA career? It will explore global opportunities for me..??

Ishan Shah

Ishan Shah (Expert)

24 August 2015 Dear Dinesh,

Good day..!

Definitely it will add value in your professional career. As of now only 131 countries have adopted IFRS (includes permitted/required as per Juridiction). As day by day IFRS values increases and Govt Boadies emphasis on FR which can be read out at all part of the world with same meaning and application of AS.

Just for your information :

Since April 2010, the Securities Exchange Board of India (SEBI) has provided an option to listed entities having subsidiaries to submit their consolidated financial results either in accordance with the accounting standards specified in section 211(3C) of the Companies Act, 1956, or in accordance with IFRS (with required reconciliations). Submission of separate financial results to the stock exchanges will continue to be in accordance with Indian GAAP.

In January 2015, the Indian Ministry of Corporate Affairs (MCA) released a revised roadmap that reflects that, in essence, companies with a net worth of Rs. 500 crore or more will have to mandatorily follow Indian Accounting Standards (Ind AS), which are largely converged with International Financial Reporting Standards (IFRSs), from 1 April 2016. Corporates having a net worth of less than Rs. 500 crore but are listed, or in the process of getting listed, and companies with a net worth of Rs. 250 crore or more will have to follow the new norms from 1 April 2017. The new road map exempts banking, insurance and non-banking finance companies. The roadmap still needs to be officially notified, which is expected "shortly".

Moreover, in first budget speech, Mr. Arun Jaitley (MOF) has called for mandatory adoption of Indian accounting standards (Ind AS) converged with International Financial Reporting Standards (IFRS) by financial year 2016-2017.

So looking forward for decision and aim of the government to take Indian corporates at par with the global standards which are used in more than one hundred countries.

Hope this will helpful to you for taking decision.

Thanks.
Regards,
Ishan

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