15 August 2010
IFRS in India is relatively new concept. Still there are no authoritative guidelines available which are to be adhered to from 1-4-2011, the official date of starting compliance with IFRS in India by select category companies.
In fact India is proceeding towards convergence with IFRS and not going to adopt the IFRS as it is. ICAI is formulating own ASs which are customised to Indian requirements as compared to IFRS/IAS in vague in more than 100 countries at international level.
Despite the fact that our accounts may be presented as per IFRS converged standards, our law would still require continuity of same set of accounts adhering to the present guidelines as well. Therefore effectively there may be two sets of accounts - one for adhering to local laws and other one for international financial reprooting standsrds compliance.
In nutshell, in India, IFRS were basically used for international debt raising and the same shall continue. Earlier, accounts were convereted as per IFRS and now the accounts shall be prepared in routine as per IFRS convverged standards even though purpose is not to obtain international funds.
16 August 2010
Very Well Explained by Expert Vinod Ji.
Also, Check out under the forum in group accounts and then in sub group IFRS, you will find lots of information. Check some of these, you will get the answer >
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