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IFRS Convergence

IFRS 643 views 1 replies

gokul

Accountant

126 Points Joined October 2008

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

Replies (1)

C.A Rohit Gambhir

C.A

275 Points Joined May 2008

Yes, understanidng is perfect. However these are the target dates and early adoption is permitted and in case of early adoption exemptions mentioned under IFRS would be available till the date of adoption and any exemption thereafter won't be available to the entity.

Further the Comparative figures as at 31.03.2011 must be in compliance with all IASs' / IFRSs' / SICs' / IFRICs' which are effective on 31.03.2012. Hence if comparative figures are prepared as at 31.03.2011 and after this point of time board issues some amendments or new standards again comparative figures must be reworked to comply with all standards effective as on 31.03.2012