Nice Efforts Amit!!! Thanks

Hi Amit,

Thanks for your initiation twds IFRS

It is the future standard and a correct understanding will be definitley a value addition

For the benefit of all, I recommend the website (www.iasplus.com) which gives idea on IFRS.

By simple process of registration, members can get latest information on IFRS from IAS Plus website. The information includes –

• Daily news about financial reporting globally.

• Summaries of all Standards, Interpretations and proposals;

• Many IFRS-related publications available for download;

• Model  IFRS financial statements and checklists;

• An electronic library for several hundred IFRS resources;

• All Deloitte comment letters to the IASB;

• Links to nearly 200 global IFRS-related websites;

• E-learning  modules for each IAS and IFRS;

• Complete history of adoption of IFRSs in Europe and information about adoptions of IFRSs elsewhere around the world; and

• Updates on developments in national accounting standards.

Its gr8 platform.. like the one thing utmost  needed by us....

I want to ask one thing......whetehr FAIR VALUE ACCOUNTING IS COMPULSORY in IFRS....or is there any way for escape from fair value..can a company still adopt WDV  after adoption of IFRS..?????

I want to refer a gr8 module available in the website of   EY   .named as "Steps for IFRS in India".

THAT book proved to be very useful for me

Thank you to all of you for such a great response

Akas as you asked abt the escaping of Fair Value than i will say you one thing IFRS is all about Fair Value only.

In the First year due to IFRS-1 "First time Adoptation" we will get exemption in some cases and we will be carry assets at book value but in the subsequent year, You need to revalued properly and charged in the P/L accordingly.

So at the end of the day every thing is on IFRS.

Thanks to all of you for sharing such a good sites but i would like to say all those guys who are not aware abt the IFRS. Firstly they will go with some introductonary books or learn basics of the IFRS and basic of the standards insetead of going to the depth knowledge

Because lots of IFRS is giving reference to reach other. So once you will be get basic knowlege and you will start reading from this site or from other book which is indepth that will be helpful for every one

Best Regards

Amit Daga

ok good hai yaar

If IFRS is going to be replaced for Indian AS, what is the question of Government notifying AS rules for companies in 2006? Subsequently why last year [2008] ICAI should urgently update the applicability of AS, conversion of ASI's into explanation and guidance notes etc. and completely amend the new "Compendium of AS"? If you ask in ICAI [chennai] about new amendments, they are asking "Whether new amendments have been made? If so from which period it is applicable?" These questions for which they expect answer from me as if I made such changes. Moreover no need to worry about IFRS. Currently what we are studying in India itself is IFRS. Simply a copy paste matter only. Each and every single word has been copy pasted from IFRS. We need not worry at all in 2011 for conversion. Because Madras has been renamed as Chennai. Similarly IFRS has been renamed as Indian AS. Now Indian AS will be renamed as IFRS once again in 2011.

Sorry for the above comments. That is the position of ICAI AS committee. Since I am a teacher, I thought I can share it.

Hi Mani,

You are free to comment.

But regarding the IFRS, kindly note that it is not a copy paste standard.There are accounting and finanicial implications if a company realy adopts IFRS in the preparation of FS.  Relates to few AS ,your view may be  relevant but with respect to other AS it is not like Madras to Chennai

thanks

Murali

Hi Mani,

Glad to know abt your opinion and like to answer one by one

Your first question is abt notifying AS Rules

I must say we need to adopt IFRS by 2011 till that we have to follow our own accounting standard. For making good future you cant spoil your present na . Every thing should be in the proper manner and one thing all the changes are makiing in line of IFRS only , All new standard are amendment in line of IFRS only i.e AS-30,31,32 is nothing a replica of IAS-32 and 39.

Your second question is abt Chennai center than i say they are not competent enough to reply for your queries. We are indians still we are not that good , I suggest put a question to ICAI directly, mail them (mail id you will get it from site) and i am giving you assurance they will revert you with proper answer  because you have to identify the correct person.

Your 3rd question for which i am strongly disagree with you that you are saying whatever we are studying thats is IFRS.I can say one line you are not aware abt single line abt the IFRS. You know the biggest difference between IFRS and our OWN AS.

We beleive in the Historical Cost and IFRS beleive in the Fair Value, which is enough to make hell and heaven difference . This is the only reason so far no body is clear whether by 2011 we will able to convert or not because in 2011 lots of companies balance sheet will change tremendusly.

So its my request to you dont comment on any thing when you dont know abt that thing.. Just i want to say some thing so i am saying that will be harmful for every one i.e there is no difference between AS and IFRS. All people who knows abt IFRS they will laugh only and will not take you seriously.

So, I can say since you are teacher dont put this kind of vague comment which will decrease your value

I am extremely very very sorry if my any words hurts to you. But this is realty and kahte hai na sach kadwa hota hai

Best Regards

Amit Daga

I would like to apologise to all of you for such kind of statement but you can understand if some one make this kind of comment no body likes it.

Its my request to all of you instead of putting some controversy statement of putting some vague comment talk abt the IFRS Share your view share your knowledge

Best Regards

Amit Daga

This is good platform to discuss topics like IFRS because sharing of knowldege is seems to be good in this stage. There are plenty of books, but interaction like this type in platform is very productive.

I added few info about IFRS 1

first IFRS financial statements, and its interim financial reports for part of the period covered by those financial statements, contain high quality information that: International Financial Reporting Standards (IFRSs); and opening IFRS statement of financial position at the date of transition to IFRSs. This is the starting point for its accounting under IFRSs. opening IFRS balance sheet at the date of transition to IFRSs. This is the starting point for its accounting under IFRSs. An entity need not present its opening IFRS balance sheet in its first IFRS financial statements.

Share your views

 

1. (a) is transparent for users and comparable over all periods presented;

 

 

2. (b) provides a suitable starting point for accounting under

 

 

3. (c) can be generated at a cost that does not exceed the benefits to users.

 

An entity shall prepare and present an

An entity shall prepare an

In general, the IFRS requires an entity to comply with each IFRS effective at the end of its first IFRS reporting period. In particular, the IFRS requires an entity to do the following in the opening IFRS statement of financial position that it prepares as a starting point for its accounting under IFRSs:

The IFRS grants limited exemptions from these requirements in specified areas where the cost of complying with them would be likely to exceed the benefits to users of financial statements. The IFRS also prohibits retrospective application of IFRSs in some areas, particularly where retrospective application would require judgements by management about past conditions after the outcome of a particular transaction is already known.

The IFRS requires disclosures that explain how the transition from previous GAAP to IFRSs affected the entity’s reported financial position, financial performance and cash flows.