ifrs
This query is : Resolved
24 June 2010
could someone clarify me whether ifrs will be applicable for pcc may 2011 examination or will Indian AS prevail for this examination
24 June 2010
It will not come in May 2011, it will be Nov 2011..
best of luck
regards
balu
best of luck
regards
balu
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24 June 2010
Agreed with Mr. Balasubramanya.
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24 June 2010
It is not applicable. AS only applicable for May 2011
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24 June 2010
thanks a lot but how would it be possible to migrate from indian as to ifrs in 6 months 4 us students. could u name a few text books which would help me build my knwldg n concept of ifrs n changes in indian accounting system due to ifrs?
24 June 2010
The first set of Accounting Standards (i.e. converged accounting standards) will be applied to specified class of companies in phases:
(a) Phase-I:- The following categories of companies will convert their opening balance sheets as at 1st April, 2011, if the financial year commences on or after 1st April, 2011 in compliance with the notified accounting standards which are convergent with IFRS. These companies are:-
a. Companies which are part of NSE – Nifty 50
b. Companies which are part of BSE - Sensex 30
c. Companies whose shares or other securities are listed on stock exchanges outside India
d. Companies, whether listed or not, which have a net worth in excess of Rs.1,000 crores.
(b) Phase-II :- The companies, whether listed or not, having a net worth exceeding Rs. 500 crores but not exceeding Rs. 1,000 crores will convert their opening balance sheet as at 1st April, 2013, if the financial year commences on or after 1st April, 2013 in compliance with the notified accounting standards which are convergent with IFRS.
(c) Phase-III :- Listed companies which have a net worth of Rs. 500 crores or less will convert their opening balance sheet as at 1st April, 2014, if the financial year commences on or after 1st April, 2014, whichever is later, in compliance with the notified accounting standards which are convergent with IFRS.
When the accounting year ends on a date other than 31st March, the conversion of the opening Balance Sheet will be made in relation to the first Balance Sheet which is made on a date after 31st March.
(a) Phase-I:- The following categories of companies will convert their opening balance sheets as at 1st April, 2011, if the financial year commences on or after 1st April, 2011 in compliance with the notified accounting standards which are convergent with IFRS. These companies are:-
a. Companies which are part of NSE – Nifty 50
b. Companies which are part of BSE - Sensex 30
c. Companies whose shares or other securities are listed on stock exchanges outside India
d. Companies, whether listed or not, which have a net worth in excess of Rs.1,000 crores.
(b) Phase-II :- The companies, whether listed or not, having a net worth exceeding Rs. 500 crores but not exceeding Rs. 1,000 crores will convert their opening balance sheet as at 1st April, 2013, if the financial year commences on or after 1st April, 2013 in compliance with the notified accounting standards which are convergent with IFRS.
(c) Phase-III :- Listed companies which have a net worth of Rs. 500 crores or less will convert their opening balance sheet as at 1st April, 2014, if the financial year commences on or after 1st April, 2014, whichever is later, in compliance with the notified accounting standards which are convergent with IFRS.
When the accounting year ends on a date other than 31st March, the conversion of the opening Balance Sheet will be made in relation to the first Balance Sheet which is made on a date after 31st March.
24 June 2010
thanx 4 da details but could u name a few solved text books which would show da detailed application of ifrs n changes due to it in indian accounting sytem
24 June 2010
A number of books are available in the market and lots of material on the internet. Keep on studying them.
Also, check on www.feeleminds.com , you will find lots of books by CA Kamal Garg.
Also, ICAI's E-Learning course on IFRS will also be helpful, in case you have time.
Also, check on www.feeleminds.com , you will find lots of books by CA Kamal Garg.
Also, ICAI's E-Learning course on IFRS will also be helpful, in case you have time.
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