30 June 2012
The above replies were not for Indian Trust.
In Europe where IFRS is applied, there is no specific exemption from trust.
Thus if India does not carve out then i suppose it will be applicable to the trust, probbaly with the last set of entities that will be requried to converge.
There are also IFRS for SME categories introduced by IASB. will have to see what will be MCAs approach towards that.
30 June 2012
In case a TRUST has invested more than 50% in a pvt ltd company. whether IND AS 27 - Consolidated Fin stateemnt would be applicable. or for 20% to 50% IND AS 28 would be applicable - Investment in associate.
CAclubindia
