Hi All,
Can any friends tell me to which companies is IFRS mandatory? is there any notification regarding it.
2 Replies
CA Ravi Sisodia
(CA,CS,CMA)
(32226 Points)
Replied 13 November 2009
The convergence note of ICAI states that IFRS is applicable from 2011.
IFRS in India would cover the following public interest entities in its first wave.
1) Listed companies
2) Banks, insurance companies, mutual funds, and financial institutions
3) Turnover in preceding year > INR 1 billion
4) Borrowing in preceding year > INR 250 million
5) Holding or subsidiary of the above
-- it is proposed
CA. Amit Daga
(Finance Controller CA. CS. CFA. CIFRS. M.COM. )
(9017 Points)
Replied 21 November 2009
and it will be applied on other companies on phased manner.. within 3 yrs it will cover all the companies..and for sme there is a separate standard issued by icai
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