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applicability of IFRS

Ankush agarwal (articled assistant) (98 Points)

22 January 2011

Whether IFRS are going to be applicable for may attempt....please tell me anybody...

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navin goyal (student) (311 Points)
Replied 22 January 2011

Originally posted by : Ankush agarwal

yes bro it is applicable and inst have asked in nov10 attempt

Whether IFRS are going to be applicable for may attempt....please tell me anybody...

Prashant MP (Analyst) (21 Points)
Replied 30 January 2011

It is advisable to be prepared with IFRS

Suresh Prasad (www.aubsp.com) (15630 Points)
Replied 30 January 2011

Originally posted by : Ankush agarwal
	Whether IFRS are going to be applicable for may attempt....please tell me anybody...

1. 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.

2. Students are expected to have thorough knowledge of the Accounting Standards (AS 1 to AS 29) and Guidance Notes on various aspects issued by ICAI. As far as AS 30, 31 and 32 are concerned, in view of th e complexities involved, the questions involving conceptual issues (not involving application issues) may be asked. Since a separate topic of ‘Financial Instruments’ is included in the curriculum, simple practical problems based on AS 30, 31 and 32 may be asked.

3. The Accounting Standard Interpretations (ASI) have been issued from time to time by the Council of the ICAI. These interpretations address questions that arise in course of application of a particular Accounting Standard. ASI 2 and ASI 11 have b een withdrawn. ASI 12, 23, 27 and 29 have been withdrawn and issued as Guidance Notes. The remaining interpretations have been merged as explanations to the relevant paragraphs of the related Accounting Standards.

Texts of all applicable Accounting Standards and Guidance Notes are available in the Appendices, Volume II of Financial Reporting Study Material . These can be accessed at-

https://www.icai.org/post.html?post_id=5936 .

Dheeraj (Learner) (1100 Points)
Replied 31 January 2011

it is institute it can do anything

in PCC may-2010 exams, there was a question of AAS in audit

and in NOV-2011 final exam, questions on IFRS

so, be prepared with IFRS also..

Rawat (ACCA) (175 Points)
Replied 01 February 2011

I will suggest you to do IFRS Diploma from ACCA UK... and In Delhi and NOIDA, PIRON Education is ACCA Gold approved learning partner, you can consult with them they are providing IFRS Course. visit their website for more information - https://www.pironeducation.com and explore the IFRS Section. you will get all information about IFRS there