I want to add some thing that Adoption of IFRS is really a tuff task for every one because lots of things will change but good thing is that we got lots of exemptions too like there is 14 optional exemptions and 4 mandatory, If will not adopt this exemptions our life becomes like a hell. So i suggest read abt IFRS-1 and start discussing. In IFRS-1 we will get a good flavour of IFRS too

https://www.deloitteifrslearning.com/

By registering you will have access to the IFRS e-learning material.

 

Thanks for sharing

Hi Amit,

It's really very good to have discussion and sharing knowledge about the hot topic like IFRS.

Could you suggest about IFRS complied Chart of Account? I beleive there must some addition to the Conventional Chart of Account we used in Indian GAAP.

Any reference book you would like to suggest which could be useful in learning.

My email ID is rajeev.ranjan @ shahi.co.in, raranjan17 @ gmail.com.

Thank you,

 

 

Rajeev there are lots of books are available on ifrs. Its depend upto you which kind of knowledge do you like . I mean to say some people like deap knowledge some people want introductnary knowledge. For deep knowledge go with the books of Big4 and detail one and for basics you can buy any indian book

Dear All,

I'll say one shall start with detailed differencesin Indian GAAP's and IFRS. This will certainely help in building strong conceptual base. Alongwith one could also read concept paper issued by ICAI on convergence. Moreover most of second generation AS are almost similar to IFRS / IAS. So why not first study AS-15,30,31,32.

As far as resources sre considered you may mail me at princeicai @ yahoo.com, i hope i can provide u with something useful to start with

Originally posted by :rajeev Dear Rajeev, Why dont you visit Satyams site. It was the first IFRS compliamnt company in India. You can get IFRS compliant statements in its SEC section. An advantage will be that u'll get accounts charted as per Indian GAAP's for the same period.
"	Hi Amit, It's really very good to have discussion and sharing knowledge about the hot topic like IFRS. Could you suggest about IFRS complied Chart of Account? I beleive there must some addition to the Conventional Chart of Account we used in Indian GAAP. Any reference book you would like to suggest which could be useful in learning. My email ID is rajeev.ranjan @ shahi.co.in, raranjan17 @ gmail.com. Thank you,	"

 

what exactly is SORIE..

what is the logic of choice between SOrie and Socie.

"Statement of recognised income or expense "           seems to be like P/L a/c....

Kindly put some light.... amit

Regards

akash

Akash Exactly you cant say its like that but its nature is like P/L only but its additional statement which we need to prepare in IFRS

I have a different view as far as prior period adjustments are considered.  Although Indian GAAP's are limited to disclosure requirements in the P/L a/c ; IFRS requires to restate earliest comparatives in case of prior period item and not only retained earnibngs of the current year.

 

Dear All, In india for all Accounting Interpretation we have ASI (Accounting Standard Interpretation) in line of that in IFRS there is also some Interpretation which is known as IFRIC- International Financial Reporting Standards Interpretation Committee or SAC- Standards Advisory Committee. There is no diff between SIC and IFRIC.All those interpretation which is issed earlier are named as SIC and new one is issuing with the name of IFRIC.

Currently there are folloing SIC is available SIC

 SIC 7 Introduction of the Euro
SIC 10 Government Assistance-no specific relation to operating activities
SIC 12 Consolidation- SPE’s
SIC 13 Jointly controlled entities-non-monetary contributions by venturers
SIC 15 Operating Leases- incentives

 SIC 21 Income taxes-recovery of revalued non-depreciable assets
SIC 25 Income taxes-changes in the tax status of an entity or its shareholders
SIC 27 Evaluating the substance of a transaction involving the legal form of a lease
SIC 29 Service Concession agreements- disclosures

 

Currently there are following IFRIC is available

 •IFRIC-1- Changes in existing decommissioning, restoration and similar liabilities
•IFRIC-2- Members share in cooperatives and similar instruments
•IFRIC-4- Determining whether an arrangement contains a lease
•IFRIC-5- rights to interests arising from decommissioning, restoration and similar liabilities
•IFRIC-6-Liabilities arising from participating in a specific market- waste electrical and electronic equipment
•IFRIC-7- Applying the restatement approach IAS 29
 
•IFRIC-8- Scope of IFRS 2
•IFRIC-9- reassessment of embedded derivatives
•IFRIC-10- Interim financial reporting and impairment
•IFRIC-11- Group and treasury share transactions
•IFRIC-12- Service concession arrangements
•IFRIC-13- Customer Loyalty programs
•IFRIC-14- the limit on a defined benefit asset, minimum funding and their interaction
•IFRIC 15-Agreements for the construction of real estate
•IFRIC 16- Hedges of a net investment in a foreign operation
•IFRIC 17- Distribution of non-cash assets to owners
•IFRIC 18- Transfers of assets to customers