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Ind as

IFRS 1321 views 3 replies

Tarun

CA Final Student

89 Points Joined January 2009

Hello Friends ...

Can Anybody Plz solve this query of mine ...?

What is the exact difference b/w IFRS and IND AS ??

I suppose that IFRS in their coverged form are IND AS .... M i right ???

Now if i am right, as per per road map on IFRS - these are applicable from 01/04/2011(to some companies). But IND AS are not yet notified by the govt.

Then how come companies will be preparing financial statements as per IFRS / IND AS as these are4 not yet notfied ???

Replies (3)

Sandeep Garg

Consolidation and IndAS Application

1056 Points Joined May 2010

Hi Tarun,

You are right, in India converged standard to IFRS ae known as IndAS. There are some conceptual/treatment changes in IFRS and IndAS.

This roadmap was issued in 2009-10 but as per the press release issued by MCA in Feb 11, IFRS (in India called IndAS)although IndAS have been issued but implementation have been deferred till further notification. Till date no further notification issued by MCA and the roadmap issued earlier has no relevance now.

Thanks,

Sandeep