New Accounting Standards

Rohit dekhke btata hoon...

Rohit According to me ab due to convergence with IFRS jo AS adopt hoonge uska naam Indian Accounting Standard hoga. Ye near finalization vo standards hai  jo ICAI National Advisory Committee on Accounting Standards (NACAS) ko bhejegi before they are adopted as IAS.

These are the standards which will be applicable to  specified Companies only by the virtue of section 211(3C), after they are approved by  National Advisory Committee on Accounting Standards (NACAS) . The first set of Accounting Standards (i.e. converged accounting  standards) will be applied from 1st April, 2011..... These companies are:-

a. Companies which are part of NSE – Nifty 50



b. Companies which are part of BSE - Sens*x 30



c. Companies whose shares or other securities are listed on stock exchanges outside India



d. Companies, whether listed or not, which have a net worth in excess of 1,000 crores.

Thanks Rohit for this information.......

@ manmohan: Thanks a lot for giving this valuable information

Originally posted by : ROHIT CHATURVEDI
	@ manmohan: Thanks a lot for giving this valuable information

welcome 

thanks pulkit bhai for this.............

thanx a lot fr info!! had d same doubt wen i was reading abt IFRS!

Is this relevant for May 2011 group 1 exam point of view or not?

Originally posted by : sahil schroff
	Is this relevant for May 2011 group 1 exam point of view or not?

no idea of icai notification regarding this

Well I hope not! We'll find out in Feb Or March students newsletter I guess. How sweet of them to keep us in the dark! How are we supposed to plan our studies along with their promised major changes to the "study material"??! : @