Janardhan singh (AM-Finance) (26 Points)
24 March 2014Hi,
Could some one please update me with the below.
1. What is the linkage among IFRS--International Accounting Standards (IAS)--Ind.AS.
2. What is the current status of their applicability in India.
3. How many total standards have been issued so far for each of these.
Thank you so much in advance.
Janardhan Singh
CA Saroj Kumar
(Keen to learn something new every moments)
(2588 Points)
Replied 25 March 2014
Neither IFRS and Nor IND IAS has been notifid about their applicability, however IND IAS has been notified by MCA is hopefully will be applicable with Company Act 2013 soon. There is at various places difference between IFRS and IND IAS, may be can find their details in each AS and their disclosure and applicability.Find the below attached file ..i hope its may help u.
Sandeep Mangal Agarwal
(Chief Accountant)
(199 Points)
Replied 01 April 2014
Dear Janardhan,
There are so many differences between IFRS or old Accounting Standard (as we comly now) and Ind AS . IND AS are nothing just the modified form of IFRS , which are require to be applicable in Indian Accounting scenario. As far as of now only 35 IND AS has been issued by MCA but their applicability has not yet been notified.
Moreover the IASB has also issued IFRS 109 to 113. but in Indian context the Ind AS compatible to these IFRS 109 to 113 had presented only in the draft form by ICAI. There issuing as well as notifying for applicability is now a question mark. In fact,IFRS 109 to 113 has been made applicable for the FY started from 1.1.2013. and they are also amended after the originals issuing (Outside India picture) . But these IFRS (Compatible IND AS) are in the pipeline to be declared as issued and notified in India.
Once IND AS made applicable in India the Accounting structure will change a lot .
For eg ;
1) Due to difference in the definition of control as per IFRS and IND AS, the preparation and presentation of Consolidated Financial Statement change a lot.
2) If we prepare CFS, the EPS of both FS (standalone & CFS ) is require to disclose as per IND AS 33 whereas as per IFRS only diclosing EPS in CFS is sufficient.
and so on...
Again , The IND AS are different in various aspects as far as we consider Accounting Standard.
ICAI also suggets that the IND AS will be applicable for all the Companies (Listed or Unlisted) required to prepare CFS w.e.f. 1.4.2016 and having Networth exceeds 500 Crore.The stand alone financial statements will continue to be prepared as per the existing notified Accounting Standards which would be upgraded over a period of time.Within two years next the IND AS will be made applicable in one go . Till that date the amendment and modifications will be carried out by the ICAI and MCA , if required for smooth application of IND AS.
As soon as, the IND AS made applicable by the ICAI. the MCA will also notified all these applicable IND AS , under section 133 of the new Companies Act 2013 in consultation with NFRA. (As the Section 133 Companies Act 2013 is made applicable on 12th Sep 2013.[98- sections] but the section referred to the old Accounting Standard till now.)
Hope your confusion are clear now.
CAclubindia
