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IFRS- Phase I companies

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Swapnil Jain

Swapnil Jain (Querist)
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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.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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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.

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