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.
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).
The Pros and Cons of Adopting IFRS by Lei Shi
International Financial Reporting Standards (IFRS) is a set of accounting standards developed by the International Accounting Standards Board (IASB). IFRS has been adopted by more than 12,000 companies in over 100 nations and is becoming the global standard for the preparation of financial statements of public companies throughout the world. However, in the U.S., GAAP (General Accepted Accounting Principles) is applied. Recently, the G20 leaders have called for significant progress towards moving to one set of high-quality global accounting standards. [...]
IASB and FASB propose a new joint standard for revenue recognition
This proposal marks a key milestone in our joint efforts to improve and converge our standards in one of the most important and pervasive areas in accounting.
The Transition from GAAP to IFRS
The United States, for some odd reason, has always had its own way of doing things. For example, it is the only country which uses feet and miles as opposed to meters and kilometers. With this in mind, the same goes for accounting. The U.S. has followed Generally Accepted Accounting Principles, or GAAP, as opposed to the rest of the world which follows International Financial Reporting Standards, or IFRS. However in recent years, corporations in the U.S. have started to [...]
The IFRS Edge
The International Financial Reporting Standards (IFRS) have rapidly emerged as a globally accepted accounting framework. Many countries have started adopting IFRS across the globe and India will be converging with IFRS from April 2011 in a phased manner as committed by the ICAI. Currently, India has an extremely limited pool of resources that have any form of training or experience in IFRS. To broaden the pool of trained resources, it is important to incorporate IFRS training in colleges, universities, and [...]
ACCA IFRS Diploma for International Professionals
As countries across the world are rapidly approaching the date of convergence to IFRS, the demand of IFRS accounting professionals are expected to reach record levels. Companies in over 100 countries are desperately looking for people who are IFRS qualified. Piron is extremely happy to announce the PIRON-ACCA IFRS Diploma by extending an expertise arm to International professionals. Piron’s state of the art e-learning module and real-time online training uses the global reach of the internet to deliver trainings along [...]
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