Applicability of IFRS

Dear Shamita,

As far as applicability of IFRS is concerned, it shall be applicable w.e.f. 01.04.2011.

I will revert u soon regarding type of enterprises to which it applicable.

regards,

ratan

The convergence note of ICAI states that IFRS is applicable from 2011.
IFRS in India would cover the following public interest entities in its first wave.

1) Listed companies
2) Banks, insurance companies, mutual funds, and financial institutions
3) Turnover in preceding year > INR 1 billion
4) Borrowing in preceding year > INR 250 million
5) Holding or subsidiary of the above

regards,

ratan

HEllo Ratan,

R u sure whether the applicability criteria is finalised?

Can u please tell me from where did u got the applicability criteria details?

Thanks - Regards CA Anand Sarda

anandkumarsarda @ gmail.com

dear ratan , please reply where did u got the applicability criteria details?

Yup.. its true... what posted by Mr. Ratan

Technically IFRS will be applicable from 2010 as IAS 1 requires preparation of financial statement for 2 comparative years..so companies will have to prepare financials for 2010 and 2011 for its FS for the year to end 2010

Refer https://www.icai.org/resource_file/7674announ1186_2_part2.pdf to know the source of companies which are obliged to prepare there FS on basis of IFRS

Apr. 2011.

first balance sheet will be drafted as on 31st march 2012 but we need comparable balance sheet also of 31st march 2011 and for interim period first balance sheet will be 30th june 2011 and comparable 30th june2010

first balance sheet will be drafted as on 31st march 2012 but we need comparable balance sheet also of 31st march 2011 and for interim period first balance sheet will be 30th june 2011 and comparable 30th june2010