Regarding IFRS
This query is : Resolved
Neha Goyal
(Querist)
31 January 2011
Cld anyone tell me for sure please whtr IFRS are applicable for May 2011 C.A. Final exams.If yes, frm where can i get the notes?
CA Ravi Sisodia
(Expert)
31 January 2011
Link -- https://www.icai.org/
https://220.227.161.86/19954list_pubnov2010exam.pdf
https://220.227.161.86/19954list_pubnov2010exam.pdf
CA Ravi Sisodia
(Expert)
31 January 2011
The Core Group was constituted by the Ministry of Corporate Affairs for convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRS).
This Core Group decided that there will be two separate sets of Accounting Standards viz.
(i) Indian Accounting Standards converged with the IFRS (Ind AS) These are the standards which are being converged by eliminating the differences
of the Indian Accounting Standards vis -à-vis IFRS. These standards shall be applied for all companies falling under Phase I to Phase III as prescribed under the roadmap issued by the core group. At present, these Ind ASs are in the form of
Exposure Drafts and not yet finalized and therefore, no t applicable for the students appearing in May, 2011 Examination.
(ii) Accounting Standards The companies not falling within the threshold limits prescribed for IFRS
compliance in the respective phases shall continue to apply these standards in the preparation and presentation of financial statements.
This Core Group decided that there will be two separate sets of Accounting Standards viz.
(i) Indian Accounting Standards converged with the IFRS (Ind AS) These are the standards which are being converged by eliminating the differences
of the Indian Accounting Standards vis -à-vis IFRS. These standards shall be applied for all companies falling under Phase I to Phase III as prescribed under the roadmap issued by the core group. At present, these Ind ASs are in the form of
Exposure Drafts and not yet finalized and therefore, no t applicable for the students appearing in May, 2011 Examination.
(ii) Accounting Standards The companies not falling within the threshold limits prescribed for IFRS
compliance in the respective phases shall continue to apply these standards in the preparation and presentation of financial statements.
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