Discussion On IFRS

sir can u give a brief note abt each ifrs standard

Dear ramajayam,

Buy M.P.Vijayakumar sir book and read.

If u want practical book : buy  Dr.sanjeev sinhal  ( IFRS practical guide)

Regards

K.Ilayaraja.

Hi Amit,

i have seen the sentense now 117 countries are requring the IFRS. Please let me get clarification is it 117/113 countries?

It will help the readers to read Analysis of MCA's clarification of IFRS roadmap in India published in Tax Guru.  

thanks mr illyaraja 

HI Amit,

Till Now how many IFRS standards are ready to implement,what are they? is the IAS and IFRS are one and the same though some changes may be needed or entirely different?

How Business combination (IFRS 3) is different from AS-14.

Priyanka,

IFRS is accounting standard only. Earlier institute thought they will adopt IFRS as its . But later on in discussion they find lots of people will defficulties in terms of numbers. So, They are simply adopting IFRS in our name only. Like in IFRS --- IAS 18 talk about Revenue. Here its covered under AS 9. So they are adopting same IFRS under AS -9.

Like the song of " Phir bhi dil hai hindusthani "

" Naye packet mai beche tumko jeans purani "

" Fir bhi dil hai hindusthani, Fir bhi dil hai hindusthani "

hahahhahahahhahaha

Amit

Priyanka,

IFRS is accounting standard only. Earlier institute thought they will adopt IFRS as its . But later on in discussion they find lots of people will defficulties in terms of numbers. So, They are simply adopting IFRS in our name only. Like in IFRS --- IAS 18 talk about Revenue. Here its covered under AS 9. So they are adopting same IFRS under AS -9.

Like the song of " Phir bhi dil hai hindusthani "

" Naye packet mai beche tumko jeans purani "

" Fir bhi dil hai hindusthani, Fir bhi dil hai hindusthani "

hahahhahahahhahaha

Amit

Manasa and Priyanka, As you guys asked about the applicability in the exams,

Than i am sorry to say i have no idea, But according to me it should be, But its better to ask to inst for clarification

Thanks

Amit

Madhu, I also dont have correct idea about it. But if you want to know you can check with www.iasb.org or send your query.

Amit

Madhu,

IFRS Comprises:

_ 9 IFRS (International Financial Reporting Standard)

_ 28 IAS (International Accounting Standard )

_ 18 IFRIC (International Financial Reporting Standard Interpretation

Committee)

_ 11 SIC (Standard Interpretation Committee)

Please read my first message " What is IFRS". I am sure after reading that your confusion in between IAS and IFRS will be clear.

There is lots of difference between AS-14 and IFRS -3 (Business Combination). Major Difference is under AS -14 Pooling Interest Method and Purchase method is allowed but under IFRS only Purchase Method is allowed.

Hope i solved all of your query

Thanks

Amit

.For adopting the IFRS, Several Regulators/ Laws/ Ministries need to be change there rules as per requirement of IFRS

 Companies Act, 1956

 Banking Regulations Act,

 SEBI Regulations / Guidelines and the listing agreement.

 RBI Guidelines to Banks / NBFCs, etc etc.

 IRDA Regulations

 Notification by NACAS

 Direct and Indirect Tax Rules

Originally posted by : CA. Amit Daga
	.For adopting the IFRS, Several Regulators/ Laws/ Ministries need to be change there rules as per requirement of IFRS  Companies Act, 1956  Banking Regulations Act,  SEBI Regulations / Guidelines and the listing agreement.  RBI Guidelines to Banks / NBFCs, etc etc.  IRDA Regulations  Notification by NACAS  Direct and Indirect Tax Rules

 MR. Amit do you think that our current system is fit for adopting & impementing the IFRS????? I think that our existing structure is only having many loopholes which are to be rectified for the implementation of the same....

Position of Schedule VI

Companies act will be amended to include 2 sets of schedule VI.

One for the companies preparing the financial statements as per IFRS ( schedule VI modified in line with IAS 1 “Presentation of Financial Statements”)

And the other applicable to other companies( the existing schedule VI).

Regards

K.Ilayaraja