what is IFRS? what all provisions are applicable to it? Is there any comparison chart from old standard?
Best Regards,
Meenu
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IFRS
Replies (8)
IFRS stands for International Financial Reporting Standard and same like our Accounting standard. Our Accounting Standard Body is in the path of converging our standards with IFRS so that International Standards have to follow us. A good practice. And helpful to companies and firms doing business/raising finance trans national borders.
Dear Arun Sir,
Kindly elaborate more. How it is different from present accounting standards.if it is applicable from April 1,2011 then its effect has to be taken in 2010?
Whether the Sch VI balance sheet format will be applicable after that?
Best Regards,
meenu
What is the impact of IFRS to the current IAS followed by different NBFCs or investments companies?
| Originally posted by :meenu | ||
| " |
Absolutely right, the transition date is 1.4.2010 for IFRS. Means if u r preparing annual report on 2011-12, u have to give the Comparative for last year i.e. 2010-11. Further Necessary changes yet to be incorpoarte in various statue like Co's Act ( Sch VI) etc, Income Tax Act etc. to ensure the compliance of IFRS. |
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Welcome meenu.....For 2009-10 co's has to maintain one seperate set of books as per IFRS ( In addition to normal set of Book of account) so that it can be use as a comparitive figure for Next Year20011-12.
Can u pls bit explain ur query on Notes realting to Investment Co.
| Originally posted by :meenu | ||
| " |
For 2009-10 co's has to maintain one seperate set of books as per IFRS ( In addition to normal set of Book of account) so that it can be use as a comparitive figure for Next Year20011-12. Can u pls bit explain ur query on Notes realting to Investment Co. |
" |
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