INTERNATIONAL FINANCIAL REPORTING STANDARDS

Union Corporate Affairs Minister Dr. M. Veerappa Moily has thrust upon a Corporate culture that must be familiar to the universally accepted values of good governance – accountability, transparency, responsibility and responsiveness to stakeholders. Inaugurating a Corporate Governance Conclave organised by the Institute of Company Secretaries of India ( ICSI) in New Delhi today Dr. Moily said ICSI is playing a pivotal role in promoting good governance among the corpora.. Full Article

Large Indian firms may have to adopt international accounting norms, IFRS, from the next fiscal when the new direct tax regime comes into effect, bringing clarity on the tax structure for companies. In a meeting held recently, the Corporate Affairs Ministry and the Finance Ministry is learnt to have found a common ground on how companies would be taxed under the International Financial Reporting Standards (IFRS). Full Article

DUBAI: Institute of Chartered Accountants of India (ICAI) has signed an MoU with an Abu Dhabi-based research institute to train mid-rank accountants in the UAE . ICAI and Centre of Excellence , Research and Training (CERT), the commercial arm of the Full Article

Amid confusion surrounding the progressive implementation of International Financial Reporting Standards from April, 2011, industry body Assocham has suggested that companies should initially be asked to only prepare their consolidated accounts as pe Full Article

Last year, the Prime Minister's Office had asked the Ministry of Corporate Affairs for further consultations. "PMO had desired that we do further consultations (with the industry). The additional consultations which we were called for are over and we Full Article

Corporate India is likely to switch to the new accounting system as per schedule as all pending issues related to tax implications required for convergence with International Financial Reporting Standards (IFRS) have been addressed by the finance min Full Article

The finance ministry has taken the view that the International Financial Reporting Standards (IFRS) needs to be adopted only on consolidated accounts of corporate groups as is the practice in Europe. It feels the proposed fair-value-based accounting Full Article

The government on Tuesday said it will notify the new accounting norms in sync with international practice IFRS for India Inc by the end of this year, and ensured that the April, 2011 deadline will not be missed. Speaking at an Assocham conference o Full Article