IFRS [Resolved] | Accounts #279770

This query is : Resolved

Govind Kumar Kakra (Querist)

20 November 2009 Do the IFRS issued by IASB to be adopted as it is or will be modified as per indian law (to include the provision like income tax, Cmpany law,GST,SEBI etc).

Also Pl suggest whether 41 IAS are also apllicable alongwith 8 IFRS or only 8 IFRS are aplliacble..since both of them have been adopted by IASB...

Please clarify ...Thnx

CA. Rishabh Mittal

CA. Rishabh Mittal (Expert)

20 November 2009 Please note that both IAS/IFRS will be applicaple, as all the International AS issued after 2003 will be in the series of IFRS (MERELY CHANGE IN NOMENCLATURE). It is merely an adaptation & not adoption of IAS/IFRS as such. Convergance doesn't means migration from Indian AS to IAS/IFRS. It means that Financial Statements would be prepared according to such national AS so that they should not attract any reserved statement on account of IFRS.

Govind Kumar Kakra

Govind Kumar Kakra (Querist)

21 November 2009 Thanx Rishabh.

Please advice whether entities will continue to prepare accounts as per Companies Act( as per current practise) alongwith IFRS disclosure or the exsiting practise will be discontinued and suitable amendments will be made in the Companies Act to prepare the accounts as required in IFRS?

Also Will the indian accouting standards need to be modified to meet the IFRS requiremnets ????

CA. Rishabh Mittal

CA. Rishabh Mittal (Expert)

26 November 2009 Discussion on above issues are going on .. Lets see, what MCA decides !

CA. Amit Daga

CA. Amit Daga (Expert)

28 November 2009 They are modifying all the stadards as per our requirement. But i can assure you all the standard will be very much inline of ifrs only

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