Ifrs

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Madhav

Madhav (Querist)
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27 December 2014 sir, plz tell me about IFRS..

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 December 2014 International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB), are rapidly becoming the benchmark for the accounting world. Convergence with IFRS has gained momentum in recent years and accounting bodies across the globe are aligning their existing accounting standards and/or issuing new accounting standards to conform to IFRS.

In India, the Ministry of Corporate Affairs (MCA) has issued a phased roadmap for convergence with IFRS; and the Institute of Chartered Accountants of India (ICAI) has issued 35 converged accounting standards which have been notified by the MCA.

In the first phase, it will be implemented at companies that have a net worth of over Rs 1,000 crore. The second phase will begin from April 1, 2016 and involve both listed and unlisted companies with a net worth of over Rs 500 crore but less than Rs 1,000 crore.