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.
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