Respected member may please correct me if my understanding on convergence to IFRS is wrong
IFRS convergence on 1-4-2011. ICAI / NACAS would issue IFRS compliant Accounting Standards to be followed by Indian Companies
Frame/modify accounting policies based on above AS applicable as on 31-3-2012
Date of transition is 1-4-2010
Prepare Balance sheet & P/L
As at/Yr ended As at/Yr ended As at/Yr ended
1-4-2010 31-3-2011 31-3-2012
Opening B/S Comparitive B/S First Balance sheet
Thanks
Regards
CAclubindia
