IFRS- Phase I companies
This query is : Resolved
02 July 2011
Sir/Madam,
Suppose a company XYZ ltd is covered in phase I of IFRS convergence it has to follow IFRS set from 1st April 2011. But do they need to also change the financial statements of previous year i.e 2010-11 for sake of comparative? Please give me details as I am confused on this point.
Suppose a company XYZ ltd is covered in phase I of IFRS convergence it has to follow IFRS set from 1st April 2011. But do they need to also change the financial statements of previous year i.e 2010-11 for sake of comparative? Please give me details as I am confused on this point.
02 July 2011
For companies covered under the first phase it is not mandatory to prepare comparative statement for previous year for comparision purpose but for subsequent phases it is compulsory.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Itr 1 processing
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- ITR returnFY25-26
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR 1: Details for showing Exempt Income
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR validation error - Balance sheet is not filled
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
