Dhruv,

First thing you have to know, Nothing is perfect in world. Everybody needs a improvement . For reaching 5 we needs to start from Zero. For becoming CA you need to clear CPT.

So everything needs a start and simultaneaouly it will rectified and nothing can come with without loopholes. I think you forget we are indians " Agar loophole nahi bhi hoga toh hum bana denge " hahahhahah

Dont worry definetly IFRS will be applicable because its global requirement. Due to increase in cross country transaction global wants one standard thats across the globe everybody is adopting IFRS

Amit

Hello

Whether early adoption of IFRS is permitted ?

Hello

What will be applicable date for IFRS compliance for subsidiaries/associates/joint ventures ?

Whether IFRS is applicable to SMEs and other Non-corporate entities ?

Thanks in advance........

good one

Hi,

What is networth  under IFRS ?

How to compute networth     (i.e) based on stand-alone legal entity or consolidated financial statements.

How to disclose comparative figure.

P.Y figure for mar,31 2012

Whether companies need to convert opening b/s figure as per IFRS ?

Hi

What would be the first interim financial statements under IFRS ?

As there will be difference in values of items under IFRS & existing system, how will this diff. be adjusted?

e.g, Value of inventory under existing system is Rs. 35,000 & under IFRS is Rs. 40,000. How will 5,000 be adjusted during first year of adoption.

Hey thats gr8 Discussion on IFRS

Old syllabus mein toh kuch tha hee nahi...we need to refer it now.. 

Thanks 4 sharing it... 

Originally posted by : madhu
	Hi Amit, i have seen the sentense now 117 countries are requring the IFRS. Please let me get clarification is it 117/113 countries?

 As on date there are 117 nations which are IFRS compliant .

Regards

K.Ilayaraja

Originally posted by : Satvir Singh Litt
	As there will be difference in values of items under IFRS & existing system, how will this diff. be adjusted?   e.g, Value of inventory under existing system is Rs. 35,000 & under IFRS is Rs. 40,000. How will 5,000 be adjusted during first year of adoption.

 Please refer IFRS convergence Approach............

Vasanth,

Early adoption of IFRS is permitted and always remember whenever there is change in rule. They always gives some mandatory dates but if any guys wants to adopt before that. No one will stop them. Inst always incurrage for early adoption

Amit

Vasant,

subsidiaries/associates/joint ventures are the relationship of the companies. As well as they have individual identity too. If you read the earlier message of Mr. Ilayaraja, he clearly mentioned in one of his message the date of applicability to all kind of entities. please refer earlier message.

For Sme inst issued separate IFRS which will be applicable on them

Amit

Vasanth,

NetWorth is Just Mathmatical calculation and its not going to be change only fundamentals are changing in IFRS. So networth will be calculated in the same way, As its calculated in the AS