Accounting
This query is : Resolved
Guest
Guest
(Expert)
15 December 2011
15th December, 2011
Dear Rajni,
Mr. R Bandopadhyaya - Secretary, Minister of Corporate Affairs has already made it clear that IFRS will be applicable to Indian Companies in stages commencing from April, 2011.
As regards the companies that should do the convergence first, he said that listed companies should go ahead with early adoption of IFRS if they feel that this would help their business and give them more credibility in the foreign markets. “SEBI is asking for early convergence. The listed companies can come forward in the first instance. Then other bigger companies should follow. ICAI and NACAS are looking into this. The Government is waiting for their final reports. We will take a view after final reports come to us,” Mr Bandyopadhyay said. He also asked industry to submit views on the kind of legislative changes that need to be undertaken for smooth transition to IFRS. India Inc has also been asked to submit views on whether the IASB developed document of “IFRS for SMEs” should be entirely accepted by India.
So, IFRS is automatically included in the study curriculum of students and will be applicable for May, 2012 examinations.
FCA Prashant Chavan
Dear Rajni,
Mr. R Bandopadhyaya - Secretary, Minister of Corporate Affairs has already made it clear that IFRS will be applicable to Indian Companies in stages commencing from April, 2011.
As regards the companies that should do the convergence first, he said that listed companies should go ahead with early adoption of IFRS if they feel that this would help their business and give them more credibility in the foreign markets. “SEBI is asking for early convergence. The listed companies can come forward in the first instance. Then other bigger companies should follow. ICAI and NACAS are looking into this. The Government is waiting for their final reports. We will take a view after final reports come to us,” Mr Bandyopadhyay said. He also asked industry to submit views on the kind of legislative changes that need to be undertaken for smooth transition to IFRS. India Inc has also been asked to submit views on whether the IASB developed document of “IFRS for SMEs” should be entirely accepted by India.
So, IFRS is automatically included in the study curriculum of students and will be applicable for May, 2012 examinations.
FCA Prashant Chavan
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Confusion around Form 26QB fields
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
