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).
Need to Converge from IGAAP to IFRS
Piron proudly takes the responsibility of creating IFRS awareness and providing end to end services in IFRS expertise with Piron – education, consulting and BPO to meet all possible requirements. PIRON presses the need to converge from IGAAP to IFRS as it holds significant business implications. Consistent, comparable and understandable financial information is the lifeblood of commerce and investing. Presently, there are many sets of reporting standards applicable in different parts of the world. In search of a new financial [...]
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