IFRS- A big Question ????

NO NEED TO DROP CA

IFRS COURSE WILL SURELY HELP IN LATEST UPGRADATION,BUT ONLY DOING THIS IS NOT SUFFICIENT.SO CA-IPCE IS HELPFUL IN THIS REGARD.YOUR FRIEND CAN APPLY FOR ATC ALSO ie, JUST PASS FIRST GROUP AND GET A DEGREE OF ATC.

Agree with Nukul. Don't drop CA. I know its hard to continue sometimes as you feel low or de-mptivated. But instead of seeing the faliure, see the life after you win over thses failures. Even if she do FRS cours etoday by Dropping CA, but after the value and teh degree of IFRS will increase manifold. SO do IFRS courses , no problems but also complete CA.

For IFRS information, see the IFRS section of the forum. You will get lots of information.

Also visit https://www.ifrs.org/Home.htm for more information.  Abreif biew is that IFRS are the International accounting standards created by IASB. The main purpose for its implementation by all the countries is to bring unifomity in the princples of accounting among all the countries.

For IFRS courses read this article. > /articles/courses-ifrs-icaew-uk-ifrs-icai-india--6171.asp

Regards

In initial days; the CAs were engaged in accounting when they use to start their practice except some who had approach at good companies.  The one of the reason was also that auditing could engage a CA only for 3 months a year. 

Then the profession moved towards Taxation. 

Then it moved towards system  analysis and data processing. 

Then it further developed towards mergers, acquisition etc. 

Now fortunately or unfortunately; they have come back to accounting i.e. reporting about accounting system !!

In IFRS; the basis thrust is on Valuation. For example; a figure shown in the balance sheet - Rs.50crores as debtors and really it can be realized only upto Rs.30 crores. If the amount is shown in the balance sheet since last two years for Rs. 20 crores from some debtors and they are also providing confirmation letters still there is big question towards its recovery. 

Similar situations may be there about fixed assets. There may be fixed assets in the company but actually these may not be working due to new technology came in the market. Still these are retained in the business without selling them off.  The Management don't sell off these specially in the circumstances where huge losses are booked in the accounts. It distorts the  accounting profits of the year. This situation specially arise when the Management  wishes  to go either for IPO or Bank finance and they judge the company from its profits being shown. 

IFRS will require that each and every year; the realizable value of assets should be taken in the Financial Statement  although in Books the original amount . 

So everyyear a good exercise of valuation would be there.

The reason of  adopting IFRS is to get our accounting system at par with the world Financial Reporting. Since our companies are also acquiring foreign companies; hence there is a need for it.

Thanks Mr Surendra for Professional Guidance on the same

Well defined by Mr Surender kumar.

Thank you Surender Sir and Rahul sir...............

 Don't drop CA.

IFRS are not a big issue it is tha simple accounting std. which are applicable in international accounting.

And i am started 
IFRS STUDY COMMUNITY for study of IFRS

/community/ifrs-study-community-2537.asp

don't drop CA

BEST OF LUCK