Dear Friends!
The latest books of Final (New) Course contains Accounting Standards but when does the IFRS are applicable for the exams?
1 Replies
CA SURENDRA KUMAR RAKHECHA
(Practising CA at Surat)
(26263 Points)
Replied 09 August 2010
Whenever there are developments in accounting world; these are asked in CA examinations whether these have been included in the syllabus or not.
The important thing is whether this is professionally applicable or not.
The moment you qualify in CA; means you are capable to handle various professional assignment. So it is not a question at all which portion is applicable and which is not.
You may read institutes modules first and regularly update your knowledge through Institute's Journal (Members' Journal) etc..
The focus of IFRS is on current valuation. In many respect; historical cost concept would go away.
More than 100 countries have already adopted IFRS.
Many indian companies have become now Indian Multinational like BHEL, ONGC, L&T and so on. When they wish to make acquisitions at foreign lands and also wish to raise funds from foreign sources then it is desirable that their audited accounts must be in line with international accounting practices.
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