Can anyone please provide me in brief about the applicability of IFRS in three phases for interview purpose only?
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IFRS applacability in 3 phases?
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In the first phase, Bombay Stock Exchange (BSE) and National Stock Exchange (NSE)-listed companies and those with a networth of over Rs 1,000 crore would switch over to IFRS from April, 2011. From the next year, insurers were to switch over to IFRS.
This would be followed by banks and NBFCs who were supposed to adopt the new accounting system from April, 2013.
The rest would follow the norm by april 1,2014
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