20 November 2009
Do the IFRS issued by IASB to be adopted as it is or will be modified as per indian law (to include the provision like income tax, Cmpany law,GST,SEBI etc).
Also Pl suggest whether 41 IAS are also apllicable alongwith 8 IFRS or only 8 IFRS are aplliacble..since both of them have been adopted by IASB...
20 November 2009
Please note that both IAS/IFRS will be applicaple, as all the International AS issued after 2003 will be in the series of IFRS (MERELY CHANGE IN NOMENCLATURE). It is merely an adaptation & not adoption of IAS/IFRS as such. Convergance doesn't means migration from Indian AS to IAS/IFRS. It means that Financial Statements would be prepared according to such national AS so that they should not attract any reserved statement on account of IFRS.
Please advice whether entities will continue to prepare accounts as per Companies Act( as per current practise) alongwith IFRS disclosure or the exsiting practise will be discontinued and suitable amendments will be made in the Companies Act to prepare the accounts as required in IFRS?
Also Will the indian accouting standards need to be modified to meet the IFRS requiremnets ????
28 November 2009
They are modifying all the stadards as per our requirement. But i can assure you all the standard will be very much inline of ifrs only
CAclubindia
