India is close to accepting IFRS
India Inc is close to accepting the global accounting standards which will make its accounting system more predictable, enhance transparency and more important enable investors to predict the nature, timing and uncertainty of future cash flows.
SMEs advised about IFRS implementation
A consultation group within the International Accounting Standards Board (IASB) is set to publish guidance on how International Financial Reporting Standards (IFRS) will affect small to medium-sized enterprises (SMEs).
Indian Accounting Standards Converged with IFRS
In pursuance of G-20 commitment given by India, the process of convergence of Indian Accounting Standards with IFRS has been carried out in Ministry of Corporate Affairs through wide ranging consultative exercise with all the stakeholders.
Govt to clear air over IFRS norms
Corporate India can look forward to a clearer roadmap for shifting to International Financial Reporting Standards (IFRS) for accounting with the government expected to issue tax-related clarifications in the Budget.
Ministry likely to postpone IFRS implementation
In a move that will come as a big relief for India Inc, the ministry of company affairs is considering delaying the adoption of International Financial Reporting Standards, or IFRS.
IFRS and GAAP Norms for Real Estate Companies
An important provision in the International Financial Reporting Standards (IFRS), which will be followed by all Indian companies starting 1 April, has been dropped to favour real estate companies in the country.
Tweedie Takes a Bow
In June, Sir David Tweedie will retire as chairman of the International Accounting Standards Board, a position he has held since the organization’s inception 10 years ago. Marie Leone – (CFO Magazine) recently asked him about the future of accounting.
IFRS Monitoring Board Proposes Governance-related Implementation
The International Financial Reporting Standards (IFRS) Foundation monitoring board has opened its governance-related implementation process proposals for public comment today. Public comment for the new proposal of the IFRS monitoring board runs until April 8 this year.
IFRS convergence — a taxing issue!
This is essential for a smooth transition to ensure that companies are well prepared to generate two sets of accounting records – one as per the IFRS converged standards (under the Companies Act and for reporting to shareholders) and second per Indian GAAP (for tax purposes).
Jamil Khatri’s IFRS Diary: Part 9
while Indian standard setters (based on representation by companies themselves) have created the various carve-out’s as discussed above, it is up to management of each company to evaluate whether there is an opportunity to fully comply with IFRS. In most cases, through the use of optimal accounting policy choices management would be in a position to achieve full conformity with IFRS. This, in turn, would ensure that the company truly benefits from the convergence with IFRS (ability to raise capital overseas, and the ability to assure international investors on the quality of financial reporting followed by the company).
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- India is close to accepting IFRS
- SMEs advised about IFRS implementation
- Indian Accounting Standards Converged with IFRS
- Govt to clear air over IFRS norms
- Ministry likely to postpone IFRS implementation
- IFRS and GAAP Norms for Real Estate Companies
- Tweedie Takes a Bow
- IFRS Monitoring Board Proposes Governance-related Implementation
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