IFRS

This query is : Resolved

CA CS SUMEET BANSAL (Querist)
Follow

15 August 2010 Hello

May anyone provide me details about IFRS

Introduction to IFRS
Applicability and all

Reply as soon as possib;e

Regards

Sumit Kumar

VINOD ARORA

VINOD ARORA (Expert)
Follow

15 August 2010 IFRS in India is relatively new concept. Still there are no authoritative guidelines available which are to be adhered to from 1-4-2011, the official date of starting compliance with IFRS in India by select category companies.

In fact India is proceeding towards convergence with IFRS and not going to adopt the IFRS as it is. ICAI is formulating own ASs which are customised to Indian requirements as compared to IFRS/IAS in vague in more than 100 countries at international level.

Despite the fact that our accounts may be presented as per IFRS converged standards, our law would still require continuity of same set of accounts adhering to the present guidelines as well. Therefore effectively there may be two sets of accounts - one for adhering to local laws and other one for international financial reprooting standsrds compliance.

In nutshell, in India, IFRS were basically used for international debt raising and the same shall continue. Earlier, accounts were convereted as per IFRS and now the accounts shall be prepared in routine as per IFRS convverged standards even though purpose is not to obtain international funds.

Rahul Gupta

Rahul Gupta (Expert)
Follow

16 August 2010 Very Well Explained by Expert Vinod Ji.

Also, Check out under the forum in group accounts and then in sub group IFRS, you will find lots of information. Check some of these, you will get the answer >

https://www.caclubindia.com/forum/discussion-on-ifrs-83328.asp

https://www.caclubindia.com/forum/ifrs-introductory-notes-84278.asp

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Rama Krishnan

BARUN PAL

Mikilesh Shah

Aayushi Chauhan

MEHUL M. KEVAT

Subscribe Now

IFRS

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA