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why AS changing

Pratik K (Student) (3406 Points)

18 January 2009

maine suna hain ki Accounting Standards 30 aur 31 implement hone wale hain.

lekin yeh bhi sun ahian ki ICAI is thinking ofr adoption of the international Accounting standards in palce of AS.

Thne why to change/implement AS for 2years....

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5 Replies

CA Sudhir Halakhandi (PRACTICING CHARTERED ACCOUNTANT) (13401 Points)
Replied 18 January 2009

YES , CHAGES ARE THE PART OF LIFE BUT TIHS TIME THE CHANGES ARE TO KEEP PACE WITH GLOBAL STANDARDS!!

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Sameer Medhekar (Student) (4140 Points)
Replied 18 January 2009

Yes Pratik there is Increasing Preassure about Adopting IFRS

but Experts are Trying to modify AS accordingly so that we should continue to follow AS with some changes

shailesh agarwal (professional accountant) (7642 Points)
Replied 18 January 2009

YAH -SAMEER IS RIGHT

payal (student) (106 Points)
Replied 18 January 2009

UNTIL ICAI ADOPTS IFRS, THERE MUST BE GUIDELINES TO THE ISSUES OF FINANCIAL INSTRUMENTS WHICH ARE DEALT IN THE NEW AS.

SO WE NEED TO FOLLOW THE NEW AS UNTIL WE ADOPT IFRS

Varun Malhotra (Chartered Accountant) (207 Points)
Replied 20 January 2009

Well AS 30 and AS 31 are very much in line with the IAS 32 and IAS 39 issued by IASB for IFRS reporting. Since these accounting standards are quite complex and the accounting required therein has never been done, it will be better for industry to acquaint itself with these typical standards well in time so that they will not face much difficulty going forward because reporting under IFRS, as proposed by ICAI, would be applicable for accounting periods beginning on or after April 1, 2011. It gives sufficient time to industry to understand the complexities involved in the implementation of these accounting standards.