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How to Start Reading IFRS--need your Inputs

A learner (Corporate Accounts ) (345 Points)

04 August 2010

Dear All,

I want to read and learn IFRS. I Request expert users to please suggest me.I have read Indian accounting standards, but i have not excellent command over them as on date.

Please suggest:

which Books to Read for to refersh AS before Starting IFRS. Do i really need to complete Indian AS first before starting IFRS.
Which books should i read for IFRS...and approach to follow??? whether IFRS should be read side by side or after completing AS..
Do we need to read International AS( IAS) also or AS+ IFRS will suffice the purpose??? In this regard can you please tell mewhats the use of IAS in india?
How much time will it take appox. to complete the same..

Many thanks for your suggestions...

Regards,

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7 Replies

jimit gathani (student) (92 Points)
Replied 04 August 2010

yes first read the indian AS then go for IFRS. I prefer book of Snow white publications. they have explained everything in flow chart form.

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A learner (Corporate Accounts ) (345 Points)
Replied 04 August 2010

Do snowwhite publish any book on IFRS...

On AS, which one of snow white..Dolphy dsouza or MP viay kumar..also for AS, i should buy student edition(300-400 Pages) or i need to read practice edition of 2000 pages

Thanks dear

Rineesh Raghavan (MD) (108 Points)
Replied 04 August 2010

Hi "A Learner"

I like your nick! Reflects humility and your quest for knowledge. Kudos!

IFRS is just hyped up Accounting Standards. Needless to say, Indian ICAI being part of the IFAC (the parent body which issues IFRS), will keep on updating its Accounting Standards in line with IFRS diktats.

Practically speaking, if you are going to work only for Indian entities, YOU NEED NOT LEARN IFRS. As part of WTO understandings, India will "adapt" and not "adopt" IFRS. Meaning, Indian AS will continue. But they will be tweaked to be in line with IFRS.

If you still want to learn IFRS, I would suggest three stages -

1. Run through all the ICAI Accounting Standards.

2. Go for any Students Edition on IFRS. One authored by MP Vijay Kumar seems damn impressive in this regard.

3. Go for information on comparisons between IFRS and Indian AS.

That would throw a fair amount of idea on IFRS. My personal experience on IFRS states two things

1. 90% of the content are the same in Indian AS and IFRS.

2. 9% of the differences are already incorporated in draft IAS issued by ICAI.

3. Remaining 1%, prescripttions in Indian AS is far superior to the one contained in IFRS.

All the best, from another learner

Rineesh

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CA Amit Joshi (CA) (1141 Points)
Replied 04 August 2010

Thx Rineeshji for ur valuable advise......

A learner (Corporate Accounts ) (345 Points)
Replied 04 August 2010

Thanks Rineesh for Kudos on My Nick! choosed it coz it reminds me all the time that learrning Must go on..

About IFRS, i liked the approach you suggeted and it really makes sense and practical..

Just a few more things to know before starting:

1. Where can i find the draft IAS

2. assuming 90% are same as you said: Take a hypothetical breakup of remaining 10 % as:

90 %---better we read Indian AS as they are same

5%----clashes between IAS & AS-- for which decision yet to come so again better read AS

4%---cases where AS are silent----Makes sense to read IAS like business combination, Agricultural produce accounting etc.

1%---Indian As are better--so makes sense again to read AS, as india will not "adapt" IAS there.

So where is the need to study IAS & IFRS?

Draft Indian IAS will cover that extensively...whaever differences we discussed in above 10 %...

One more thing Sir, As you said if working in Indian entity... How does it affect if somedody works in a indian base MNC....Do we need to present results with indian version of IFRS then( the converged one)...or we have to "adopt".. as it is the International IAS then...

Please clarify as i am bit confused with this...

Thanks once again !!!

Many Regards,

1 Like

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(Guest)

THANKS ALOT RAGHAVAN JI....... that was really great advice...... m a bit confused can u temme wich one is better MP vijay or DS ravat?? n from where i can get IFRS vth full conceptual clarity n practical probs? i mean wich buk shud i go for?

thanks for the same