IFRS Applicability to Pvt cos

IFRS 1433 views 5 replies

Swami

Finance Mgr

24 Points Joined September 2009

Hi all.

The convergence note of ICAI states that IFRS is applicable from 2011.
IFRS in India would cover the following public interest entities in its first wave.

1) Listed companies
2) Banks, insurance companies, mutual funds, and financial institutions
3) Turnover in preceding year > INR 1 billion
4) Borrowing in preceding year > INR 250 million
5) Holding or subsidiary of the above

Does this mean Private Companies are not required to comply with IFRS as of now? Are there any references/websites/guidance notes/interpretations that states this clearly? If so pl provide me the link

Thanks

Replies (5)

CA. Amit Daga

Finance Controller CA. CS. CFA. CIFRS.

9017 Points Joined October 2007

Private company will cover under phase manner

Anshika

CA -Industry- Sr.Accounts Officier

141 Points Joined October 2007

It is not clearly written as of now , But they will be covered in future

C.A Rohit Gambhir

C.A

275 Points Joined May 2008

A separate IFRS on SME's has been issued by the Board which will be applicable to all entities except those having public interest.

shiv arora

article

35 Points Joined December 2008

Is IFRS applicable to public sectors only & whats procedure to apply IFRS in our accounts????

CA Kishore Tallam

Sr Manager - Corporate Account

2716 Points Joined April 2010

Hi..

IFRS is as equally applicable to Private Companies as that of Public Companies or Listed Companies but on fulfillment of certain criteria.

PFA a Power Point Presentation given by me regarding what is IFRS and what is the applicability and status of the same in INDIA and a slight discussion on AS 10 (Fixed Assets), IAS 16 (Property Plant & Equipment)and Converged AS 10 (Property Plant & Equipment).

Hope this may be useful. Kindly let me know if u have any further clarifications required on IFRS.

Thanks and Regards,

CA Kishore Tallam ACA, IFRS Certified