CA Yogesh (Sr. Executive (F&A)) (213 Points)
26 May 2011Hello guys..
As we all know, IFRS deadline is already met..which was 1/4/2011... I wanted to know whether real implimentation/transition to IFRS is started in INDIA Inc.. If Yes, then What r the opportunities available to incumbents like us...if IFRS Implimentation is marched towards global convergence...
Recently there was news that Govt. has deferred IFRS Implimentation...Is that news sustained..??
Pls guide!!
Regards,
Arvind Sharma
(ACA)
(1432 Points)
Replied 26 May 2011
Dear Yogesh....
IFRS are not going to implement in India.., but on the same line, Ind AS has revised and notified by the NACAS., so the same will be applicable.
For the same, refer
CA Yogesh
(Sr. Executive (F&A))
(213 Points)
Replied 26 May 2011
@ Arvind.. I know it very well friend..but my ques u dint understand......
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 27 May 2011
|
Transition to Ind AS: Practical Insight ACCOUNTING ADVISORY SERVICES, KPMG IN INDIA,, May 2011 |
|
|
Transition to Ind AS- Practical InsightsIn accordance with India’s commitment to converge with IFRS,the Ministry of Corporate Affairs issued a press release on25 February 2011, notifying the Ind AS standards. Several of the requirements of Ind AS are ignificantly different from policies and practices currently followed by Indian companies. Further, while finalising the Ind AS, the Indian standard setters have examined individual IFRS and modifi ed the requirements, wherever necessary, to suit Indian requirements.
This publication is a practical insights on the ransition to Ind AS. The purpose of this publication is to assist in understanding the significant differences between Ind AS and current accounting practices. The report also includes a summary of key differences between Ind AS and IFRS. This does not discuss every possible difference, but summarises those differences that we have encountered most frequently in practice. |
Sandeep Garg
(Consolidation and IndAS Application)
(1056 Points)
Replied 04 June 2011
Yogesh,
Although MCA has notified INDAS but the applicability of the same has been deferred for a further date to be notified by the MCA. But the new applicability date is not notified yet.
Even if INDAS/IFRS not applicable in India, a lot of companies are preparing their financials as per IFRS and sooner or later same will be mandatory for all the companies. So, there is a lot of scope in this field.
Sandeep
CA RADHIKA AGARWAL
(CA)
(300 Points)
Replied 03 July 2011
Yogesh..
Road Map has been issued by Nacas for application of Ind-AS in India for companies..dere r sum legal bindings nd limitations due to which Ind-As can't be applied at d same time on all type of entities..i hope u geetin ma point..therefore dey hav spcfd for application of Ind-As on small, medium, large,NBFC from a certain date...go for d details on MCA site..u can check dere spcified road-map...else i ll provide u..
CAclubindia
