Financial reporting

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Querist : Anonymous

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16 October 2011 do we really need to study IndAs when IFRS has come.

CA Chitta Ranjan Das

CA Chitta Ranjan Das (Expert)
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25 October 2011 It is a very important question of the recent times. Even most of the practising CAs have the same question in mind.
Recently, a seminar was organised in ICAI Bhubaneswar branch which was chaired by many eminent personalities including CA. Rakesh Agarwall, member of IFRS Board. According to him, our Indian Accounting Standard is very strong background but we have to follow the IFRS because of mainly two reasons.Such as,
(i) The source with reference to which the Indian AS generated, has been changed.
(ii) In order to face the global challenges and crack the global oppertunities, we have to follow the IFRS with the updated knowledge.

In my view, our Indian AS is very strong to face the challenges of future, but we have to follow the IFRS as it is also necessary to uniform the accounting data all over the world and companies with IFRS are to come in future.