Shaikh Imran (Accountant) (102 Points)
06 January 2011Dear Members,
in our company the more than 75% of share held by Mauritius based company and they are asking oour financial reports as per IFRS formats.As they want to consolidated our books of accounts in their books.
Can anybody provide me the formats of the same and clarification about what are the rates of depreciations to be considered for FA.
Waiting for positive reply....... Thanks
Imran
Dhawal Mohnot
(Practicing)
(449 Points)
Replied 07 January 2011
you can get a illustrative IFRS format. Just google it.
Dep rates wont change in IFRS. You need to follow Sch IV rates only. The method of accounting alone would change.
Sandeep Garg
(Consolidation and IndAS Application)
(1056 Points)
Replied 13 January 2011
Hi,
There is not a fixed format in IFRS as in IGAAP, you can download Model financial from Big 4 sites or from companies site following IFRS. Moreover Schedule XIV revised is not issued yet. In IFRS no depreciation rate is prescribed, same is calculated based on useful life of the asset.
Rohit Agarwal
(AGM (Accounts))
(269 Points)
Replied 17 January 2011
This is to update that revised schedule XIV has already been issued by MCA pending finalization based on estimated useful lives. plz find attached d same.
CAclubindia
