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Adapting or Adopting the IFRS

CA. Rishabh Mittal (CA in Practice) (1077 Points)

26 November 2009

Are we going to adapt or adopt the IFRS ?

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6 Replies

Mitesh Jain (Senior) (22 Points)
Replied 26 November 2009

Originally posted by :CA. Rishabh Mittal
"	Are we going to adapt or adopt the IFRS ?	"

Dear Rishabh,

Adapting and Adopting is the same terminology used frequently, but I would like to inform you that there is lots of conflict between view as whether India is adopting IFRS or Converging IGAAP towards IFRS.

According to me India would be Adopting IFRS.

Thanks & regards,

CA Mitesh Jain.

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CA. Rishabh Mittal (CA in Practice) (1077 Points)
Replied 26 November 2009

Don't you think that adopting IFRS would entails complete shiftover to IFRS. More Comments Plz . .

CA. Amit Daga (Finance Controller CA. CS. CFA. CIFRS. M.COM. ) (9017 Points)
Replied 26 November 2009

Definetly we are going to adopt the ifrs.. thats why you can see all the laws are changing.. and its as per ifrs.. or if itsnot they need to amend it.. like i can say direct tax code willbe amended

BIREN K RAJPURA (EXECUTIVE ACCOUNTS) (22 Points)
Replied 26 November 2009

Are we going to adapt or adopt the IFRS ?

First of all we have to clearly understand " adapt" or adopt" so on this base, as per my understanding and in simple term to adapt means to accept whereas to adopt means to borrow.

On this ground I would like to say that in current globalization scenario if India has being a part of globalization and expand or to spare our flag we have to accept International standardize standard because at present our MNC going to outside and outside MNC coming to India.

This is only understanding which I would like to share here only.

Thanking You,

Regards

Biren Rajpura

MBA Finance

26.11.09

P.L.PRASAD (SERVICE) (94 Points)
Replied 27 December 2009

please any body let me know, who will teach the IFRS in Hyderabad, I want to attened the class . thanks in advance.

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C.A Rohit Gambhir (C.A) (275 Points)
Replied 29 December 2009

As of now ICAI is going to converge IGAAP towards IFRS, However an entity is free to go for full adoption of IFRS. The difference between the two is if entity is a listed company with a regulator abroad, it must file its IFRS financials based on full adoption approach while if it is listed in india full adoption is not necessary.