10 January 2015
President Pranab Mukherjee Sir ? IFRS?
Finance Minister Sri Arun Jaitley in his speech during Budget 2014 had announced that there is an urgent need to converge the current Indian Accounting Standards with the International Financial Reporting Standards (IFRS). He also announced that Ind AS (i.e. Indian standards converged with IFRS) can be adopted by Indian Companies from the Financial Year 2015-16 voluntarily and from FY 2016-17 on a mandatory basis.
Right now there is official announcement regarding applicability of IND AS and Accounting Standards continue to apply. If it does get implemented and becomes applicable from 1st April 2015 then it will become applicable for 2016 CA Examination.
So right now just wait for official announcement regarding roadmap for applicability of IND AS.
All stakeholders are hereby informed that the Ministry of Corporate Affairs has notified Roadmap for applicability of Indian Accounting Standards (Ind AS) for compliance by the class of companies specified in the said roadmap. The notification has been uploaded on www.mca.gov.in along with the thirty nine (39) Indian Accounting Standards (Ind AS).Companies which are not required to follow Indian Accounting Standards (Ind AS) shall continue to comply with Accounting Standards as prescribed in Companies (Accounting Standards) Rules, 2006.
Read more at: https://www.caclubindia.com/forum/breaking-news-roadmap-for-applicability-of-ind-as-notified--320570.asp#.VObnEvyqqko
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