Are we going to adapt or adopt the IFRS ?
Are we going to adapt or adopt the IFRS ?
| Originally posted by :CA. Rishabh Mittal | ||
| " | Are we going to adapt or adopt the IFRS ? | " |
Dear Rishabh,
Adapting and Adopting is the same terminology used frequently, but I would like to inform you that there is lots of conflict between view as whether
According to me
Thanks & regards,
CA Mitesh Jain.
Definetly we are going to adopt the ifrs.. thats why you can see all the laws are changing.. and its as per ifrs.. or if itsnot they need to amend it.. like i can say direct tax code willbe amended
Are we going to adapt or adopt the IFRS ? First of all we have to clearly understand " adapt" or adopt" so on this base, as per my understanding and in simple term to adapt means to accept whereas to adopt means to borrow. On this ground I would like to say that in current globalization scenario if India has being a part of globalization and expand or to spare our flag we have to accept International standardize standard because at present our MNC going to outside and outside MNC coming to India. This is only understanding which I would like to share here only. Thanking You, Regards Biren Rajpura MBA Finance 26.11.09
please any body let me know, who will teach the IFRS in Hyderabad, I want to attened the class . thanks in advance.
As of now ICAI is going to converge IGAAP towards IFRS, However an entity is free to go for full adoption of IFRS. The difference between the two is if entity is a listed company with a regulator abroad, it must file its IFRS financials based on full adoption approach while if it is listed in india full adoption is not necessary.
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