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
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
CAclubindia
