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Applicability of IFRS

Shamita (Learner) (410 Points)

30 October 2009

Are IFRS applicable from Apr. 2010 or Apr. 2011. Will they be mandatory for all enterprises?

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10 Replies

Ratan Deep Saxena (Asstt Manager (Accounts & Finance)) (2998 Points)
Replied 30 October 2009

Dear Shamita,

As far as applicability of IFRS is concerned, it shall be applicable w.e.f. 01.04.2011.

I will revert u soon regarding type of enterprises to which it applicable.

regards,

ratan

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Ratan Deep Saxena (Asstt Manager (Accounts & Finance)) (2998 Points)
Replied 30 October 2009

The convergence note of ICAI states that IFRS is applicable from 2011.
IFRS in India would cover the following public interest entities in its first wave.

1) Listed companies
2) Banks, insurance companies, mutual funds, and financial institutions
3) Turnover in preceding year > INR 1 billion
4) Borrowing in preceding year > INR 250 million
5) Holding or subsidiary of the above

regards,

ratan

CA Anand Sarda (Working) (1580 Points)
Replied 06 November 2009

HEllo Ratan,

R u sure whether the applicability criteria is finalised?

Can u please tell me from where did u got the applicability criteria details?

Thanks - Regards CA Anand Sarda

anandkumarsarda @ gmail.com

CA Ravi Sisodia (CA,CS,CMA) (32226 Points)
Replied 07 November 2009

dear ratan , please reply where did u got the applicability criteria details?

CA Yogesh (Sr. Executive (F&A)) (213 Points)
Replied 10 November 2009

Yup.. its true... what posted by Mr. Ratan

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(Guest)

Technically IFRS will be applicable from 2010 as IAS 1 requires preparation of financial statement for 2 comparative years..so companies will have to prepare financials for 2010 and 2011 for its FS for the year to end 2010

(Guest)

Refer https://www.icai.org/resource_file/7674announ1186_2_part2.pdf to know the source of companies which are obliged to prepare there FS on basis of IFRS

CA Ravi Sisodia (CA,CS,CMA) (32226 Points)
Replied 13 November 2009

Apr. 2011.

CA. Amit Daga (Finance Controller CA. CS. CFA. CIFRS. M.COM. ) (9017 Points)
Replied 21 November 2009

first balance sheet will be drafted as on 31st march 2012 but we need comparable balance sheet also of 31st march 2011 and for interim period first balance sheet will be 30th june 2011 and comparable 30th june2010