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IFRS convergence - Don't get confused with new Ind. AS

Vivek (CA ) (2368 Points)

28 February 2011

MCA has notifed 35 New Indian AS on 25th Feb.. This news is noting do with the applicability of the International IFRS (as issued by ISAB) on the listed and some other Indian companies w.e.f. 01.04.2011..

https://www.cnkonline.com/client/mca/inner/mca_on_converged_indian_as/roadmap.asp

These new 35 Ind. AS are applicable only on the residual Indian entities which are not covered by the original IFRS convergence roadmap as notified earlier, starting from 01.04.2011. These new Ind. AS (based on IFRS) will replace the existing 32 Accounting Standards issued by the ASB of the ICAI.

https://economictimes.indiatimes.com/news/news-by-industry/services/consultancy-/-audit/35-new-standards-notified-but-accounting-system-fails-to-meet-ifrs-norms/articleshow/7590825.cms

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10 Replies

Ashish Ojha (Chartered Accountant) (469 Points)
Replied 28 February 2011

Have you noticed any Divergence between these AS and old AS so far? I am Also studying these New AS

1 Like

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Sandeep Garg (Consolidation and IndAS Application) (1056 Points)
Replied 08 March 2011

Notified INDAS will not replace existing AS. These INDAS are the Indian Version of IFRS and will be applicable on companies covered under IFRS applicability criterion as issued by MCA only. But as of now implementation has been deferred, so all companies will follow existing AS only.

priyanka (Credit Analyst) (23 Points)
Replied 09 March 2011

hi sandeep

could you a suggest a book on IFRS. M working as a credit analyst n need to prepare CMA of the companies. So with effect from 1st April,2011, need to prepare the statements accordingly. Will also be of great help if u could provide a format of the financial statements under d IFRS.

Best,

Priyanka

Sandeep Garg (Consolidation and IndAS Application) (1056 Points)
Replied 09 March 2011

Hi Priyanka,

You can go for IFRS book published by IASB that includes Bare standards, Application Guidance, illustrations and Basis of conclusions, Other one is Professional edition of IFRS by PWC. Fomats of IFRS financial differs sector to sector as there is no fixed format prescribed in IFRS. However, basics are same for all sector i.e. Current and Non current bifrucation of assets and liabilities. If you require some model IFRS financials i can mail the same.

Best Regards

Sandeep