Summary of IFRS 1 to 8

Page no : 2

HARDIK (COMPANY SECRETARY NCFM (Corporate Governance )) (664 Points)
Replied 30 May 2009

amit nice yaar

summary gives overview of the IFRS

CA. Amit Daga (Finance Controller CA. CS. CFA. CIFRS. M.COM. ) (9017 Points)
Replied 02 June 2009

we need to participate but no body is ready to participate

CA.Sachin Bajaj (Chartered Accountant) (138 Points)
Replied 22 July 2009

Originally posted by :CA. Amit Daga
"	we need to participate but no body is ready to participate	"

Yes you are right. Lets start with some basic things. I have small query. I can understand that 13 optional exemptions and 4 mandatory exceptions are provided under IFRS 1. But don't you think that optional exemptions will make the Financial Statements of different entitites uncomparable ?

CA. Amit Daga (Finance Controller CA. CS. CFA. CIFRS. M.COM. ) (9017 Points)
Replied 28 July 2009

This exemptions are available only in the first year.. because in this exemptions working is really tuff and cost will be more than the benefit

1 Like

CA.Sachin Bajaj (Chartered Accountant) (138 Points)
Replied 29 July 2009

I have on e query regarding IAS 19-Employee benefits.

Because actuarial gains and losses may fluctuate and reverse over time, IAS 19 does not require immediate recognition of actuarial gains and losses. Instead, an employer may choose to only recognize a portion of the actuarial gains and losses to the extent that the net cumulative unrecognized actuarial gains and losses at the end of the previous reporting period exceeded the greater of: (a) 10 percent of the present value of the defined benefit obligation at that date and (b) 10 percent of the fair value of any plan assets at that date (corridor mechanism).

What does THAT DATE actually refer to ?

CA. Amit Daga (Finance Controller CA. CS. CFA. CIFRS. M.COM. ) (9017 Points)
Replied 01 August 2009

Sachin,, in the ifrs there is some thing called Corridor Approach.. which is not exist in our standard.. and in case of employees benefit we need to do the treatment accroding to corridor approach.. and this is nothing only corridor approch.. just read onece u will understand.. but read with example.. ater that still if u have any confusion let me know i will try to help u

CA.Sachin Bajaj (Chartered Accountant) (138 Points)
Replied 04 August 2009

Thanks a lot for replying. I just want to know that are you aware of any good book on IFRS which is available in the market (which has examples) ? I checked at ITO, Delhi around 2.5-3 months back and the only book which I was able to find was not very good. I dont rememmber the name of author or publisher but it had a "White Cover" in front.

CA. Amit Daga (Finance Controller CA. CS. CFA. CIFRS. M.COM. ) (9017 Points)
Replied 04 August 2009

Sachin .. buy pwc manual.. in the google.. search the cch publication.. Do one thing call in 09880568955 Srinivas.. This guy is sitting in bangalore.. ask him for delhi.. he is a representive of cch publication in india