If a company is mandatorily reqd to present Financial statements in IFRS (Eg: listed companies),it has its own heads of classification. Plus if the company is regd in India,it will have to follow Revised Schedule VI. Will the company in this case follow classification as per Revised Schedule VI or as per IFRS?
01 May 2012
now i am in confusion!! thankyu for both yur replies,but these contradict each other.. can anyone,please,substantiate it!
Guest
Guest
(Expert)
02 May 2012
Disclosure as per revised schedule VI is in line with IFRS. So any company adopting IFRS, its disclosure followed under schedule VI will comply with IFRS.
09 May 2012
The Companies registered in India are regulated by the Companies Act, 1956. Further, under the said act only, the Ministry of Corporate Affairs has issued Revised Schedule VI, which prescribe the disclosure requirements. Till date, the recognition and measurement part of accounting is taken care by Accounting standards issued u/s. 211(3C) of the act. Hence, in my view, IFRS do not have any standing as far as Indian accounting and reporting part is concerned. Hence, Schedule VI will be applicable, not IFRS.
CAclubindia
