Vasanth,

Companies need to convert previous year number as per IFRS and disclose it.

But inst wants to give the exemption in first year.  Discussion is going on, nothing is finalised so far. Lets see what will happen but as of now you have to restated your last year numbers too for comparatives.

As well as IFRS-1 provides 14 Optional and 4 mandatory exemption in IFRS-1 for preparing opening balance sheet

Amit

Interim Financial statement will be quarter end financial statement. ie for march ending guys JUNE, Sep and Dec is Interim Financial Statement and separate IFRS is already issued for Interim Financial statement

Satvir,

In the first year differences will be charged to General Reserve and in subsequent year it will be charged to Profit and loss account

Amit

I am really happy that Mr Amit Daga has started discussion on IFRS. It is a most important subject for all accountants in India and should lead to a good exchange of thoughts on IFRS as all big companies shall be implementing the same from 01-04-2011. I have a keen interest in IFRS standards implementation and attended 80 hours of live training on IFRS. I would like to contribute on the various queries.

Thanks to Amit daga sir for discussion about IFRS.……………..

 

Regards

 

K.Ilayaraja.

Seriously the discussion is so useful Sirjee ...

U have Helped us a lot ... Thanks a lot ....

But i am not yet satisfied with the discussion.. i was expecting some good participation.. but completly disappointed as usual

Amit

Amit sir please tell me how many ifrs are to be implemented like der are 32 AS...Also u say in ur post dat d ifrs are just like naye packet mein purani jeans..it means only no's are changed for ex IFRS-3 instead of AS-14,,but  k ilyaraja  said it requires double disclosure than Accounting standards...Is India ready to0 adopt IFRS and comes under 117 countries or require any specific permission...Please solve my queries..

Thank you girishjee and ilayaraja for your interest and support on IFRS

Amit

Ashish,

In terms of numbers there are IFRS 1 TO 9 is issued and 1 to 41 IAS are issued but few IAS are either nullified or scrapped.

Yes, Its naye pocked mai jeans purani because they need to adopt IFRS as its because its global requirement. But there was few problems.

1. Everycountries have there rules and regulation as well as adminstrative structures are not same, thatswhy IFRS will be modified as per countries requirment but change will not be more than 2 to 3 %. Here i mean to say basic requirement will not change.

2. As most of the peoples are aware with old number for refrence purpose thatswhy INST Decide to use there own name. " ISSE HUMARA KAAM BHI HO JAYEGA AUR HUMARA NAAM BHI RAHEGA HAHAHHAHAHA"

Definetly India is not ready to adopt IFRS. There is huge shortage of IFRS Professional. I can say less than 1% accounting professionals are capable. But we have no choice we have to adopt it

Regards

Amit Daga

 If IFRS has to be adopted, ICAI should have to reduce d shortage of professionals by passing more students in final and making them capable enough to understand and apply ifrs.

I think there should be a compulsory training on IFRS like ITT and GMCS.What say amit sir? or free lectures on IFRS should be given to all CA students across India at respective branches..  

Thatstrue, But inst cant do that also because they cant compromise with quality and secondly free trainings and articles are circulated continiously but people are not participating

Amit

IFRS 1 grants certain exemptions in compliance where the cost of compliance would be very high for the reporting entity.

In case of non current assets, these must be measured at fair value on the opening balance sheet date. Or if the entity has revalued at any time before adoption of IFRS, then such revalued amount shall be taken as deemed cost of the asset.

But for an entity to ascertain the fair value of all its assets would be very expensive.

Learned members may throw some light on issues related to fair valuation of the non current assets in first time adoption of IFRS.

Thank you.

Gokul,

Onething is very much clear under IFRS, If cost will be more than benefit than no need to apply the IFRS take the cost as its, Which will be deemed cost for that product and we can apply IFRS Prospective on those products

Amit