From when is IFRS applicable in India ?Who all will be covered under IFRS if its applicable ?
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IFRS
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ifrs will be applicable from 2011
It will be have to be practically applied from 2010 as IAS 1 requires presentation of financial statement on comparative basis...
Effectively the Full Set of Financials in compliance with IFRS is required for Financial Year 2011-12. However Standard also mandates comparative figures in compliance with IFRS. Therefore effectively IFRS is applicable for financial year 2010-11. Further The IAS 1 states that on 31.03.2012 the current year numbers and the previous year numbers must be in compliance with all IFRS applicable on 31.03.2012. Hence the previous year numbers may go underchange several times as and when the boards will issue any new standard or amendments therein.
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