international accounting standards

The increasing attractiveness of the European and Asian capital markets has prompted emerging economies like-Brazil , China, India, and Russia to converge their existing accounting standards to International Financial Reporting Standards (IFRS). Over 100 countries have now adopted or permitted IFRS or have based their local Generally Accepted Accounting Principles (GAAP) on the principles of IFRS. Full Article

The International Accounting Standards Board (IASB) has issued Exposure Draft on Measurement of Liabilities in IAS 37: Proposed amendments to IAS 37 with the following objectives: * To align the criteria in IAS 37 for recognising a liability with those in other IFRSs. * To eliminate some differences between IAS 37 and US generally accepted accounting principles (GAAP)—in particular, differences in the time at which entities recognise costs of restructuring their .. Full Article

The International Accounting Standards Board (IASB) has issued Exposure Draft of Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters: Proposed amendment to IFRS 1 so as to amend Appendix E of IFRS 1 to include transition provisions for first-time adopters consistent with the transition provisions in paragraph 44G of IFRS 7 Financial Instruments: Disclosures. Full Article

India will stick to its earlier announced deadline for convergence with the International Financial Reporting Standards (IFRS) by April 2011, a top Government official has said. “Let me make it very clear that India is a signatory to accept IFRS.By accept, I mean convergence to IFRS by April 2011 and not adoption. Full Article

This Exposure Draft on Financial Instruments: Amortised Cost and Impairment, has been issued by the International Accounting Standards Board with the objective to replace IAS 39 Financial Instruments: Recognition and Measurement with a new standard, to be known as IFRS 9 Financial Instruments. To achieve this, the Board divided its project to replace IAS 39 into three main phases. Full Article

CA. Roy was born on 4th October, 1963 and became the youngest President of the ICAI in the year 1998-99 at the age of 34. He was elected to the Central Council for the first time for the term 1995-98 and was elected as the Vice President in the first term itself. He served the Council for two terms from 1995 to 2001. Prior to that, he was elected to the Eastern India Regional Council for the term 1992-95. During his tenure in the EIRC which he served for one term, he.. Full Article

IFRS — issued by International Accounting Standards Board — is acknowledged by 113 countries. This is ICAI’s first list and more companies would be added on its next list, sources said. The first list comprises 439 companies. It includes BSE-Sensex companies, NSE-Nifty companies, companies that have raised debt of over $50 million abroad, financial sector companies, publicly accountable companies (with total borrowings of over Rs 1,000 crore), Indian subsidiaries o.. Full Article

The Government will soon be empowered to swiftly incorporate in the Companies Act any changes in accounting standards through the rules governing the Act. It will not have to go through the long process of amending the Act. Full Article