Can anyone tell the importance IFRS carries in Accounts? How to prepare IFRS from exam point of view? The study materials provided by ICAI for new syllabus do not give much details about it. It just shows a comparative table & some running notes on emergence of IFRS. Should i study them thoroughly or just knowing the titles is enough? Time is running out & I don't have any idea to waste it. Please help me.
For your final exam. Comparative table of IFRS is more enough. you dont look at the entire procedure of IFRS. So, I would suggest you to look at the following aspects for your exam.
a) Expansion of IFRS? Ans:- International Financial Reporting Standard
b) Whether IFRS is change entirely of our AS?
Answer: No, IFRS is not a line by line addition of changes in AS. It talks about some disclosure requirement which is not their in our AS and also it remove some inconsistence of AS with IFRS.
c) Applicability of IFRS in India? Ans:- Based on company Listing and Networth applicability of Convergence of IFRS will come into effect on 2011,2013 and 2014.
d) finally, you look at the comparative table as given in your text book.
All the best for ur successful exam.
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