IFRS

A Quick Snapshot of AS/IND-AS/IFRS

CA, CS, CMA - A Quick  Snapshot of Concepts of AS/IND-AS/IFRS  Accounting standards deal with recognition of events and transactions, measurement of transactions and events, presentation of transactions and events and disclosure requirements. In India ICAI issues accounting standards on the relevant subject for non-corporate bodies and The Central Go...

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How IFRS 9 revolutionised financing

CA, CS, CMA - IFRS 9 The financial crisis of 2008 was a wakeup call for all the financial and banking institutes as well as business entities of the world, that it was a time to have a fundamental change in the way finance is done. This global financial crisis was quite different from the previous one because this […]...

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Analysis on accounting of interest free demand loans received under Ind AS / IFRS

CA, CS, CMA - Accounting of Interest free demand loan given by One Company to Other Company which may or may not be related party- Entity generally advances various demand loans / Inter Corporate Deposits (ICDs) to various parties on commercial terms and sometime entities does not charge any interest or charge an interest, which is below market rate....

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Financial Reporting: Why our standards need an innovative overhaul?

CA, CS, CMA - Progressing from Accounting Standards to IndAS (or globally IFRS) has indeed been a huge step up in the Accounting world. Companies as well as regulators haven’t yet recovered from the dust risen by the IFRS storm. However, is this change enough? Is IFRS sufficient to factor in the changes happening at lightening speed in the […]...

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IFRS 8 Operating Segments

CA, CS, CMA - ♦ In April 2001 the International Accounting Standards Board (Board) adopted IAS 14 Segment Reporting, which had originally been issued by the International Accounting Standards Committee in August 1997. ♦ In November 2006 the Board issued IFRS 8 Operating Segments to replace IAS 14. ♦ Core principle An entity shall disclose informa...

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IFRS 9 Financial Instruments: Transition Impact on Banks Across Globe

CA, CS, CMA - In the first decade of new millennium the world witnessed unprecedented global financial crisis with severe adverse impact on many economies. Unlike previous crisis, large internationally active Banks from advanced economies were at the epicentre of the crisis. The crisis impact was felt across the globe, calling for urgent and unified re...

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Amendments to IFRS 17, Insurance Contracts

CA, CS, CMA - In this Exposure Draft, the International Accounting Standards Board (Board) proposes targeted amendments to IFRS 17 Insurance Contracts, issued in May 2017 to respond to concerns and challenges raised by stakeholders as IFRS 17 is being implemented....

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Reference to Conceptual Framework Proposed amendments to IFRS 3

CA, CS, CMA - In this Exposure Draft, the International Accounting Standards Board (Board) proposes narrow-scope amendments to IFRS 3 Business Combinations. The amendments would update a reference to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations. Updating the reference without ma...

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Draft IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

CA, CS, CMA - Exposure draft of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors for comments The IASB has issued the exposure draft of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The last date for sending comments is 27 July 2018.  In this Exposure Draft, the International Accounting Standards Board (Bo...

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Disclosure Initiative- Principles of Disclosure; Post-implementation Review- IFRS 13 Fair Value Measurement

CA, CS, CMA - As you are kindly aware, the existing Accounting Standards (AS) and the Indian Accounting Standards (Ind AS) are based on the IFRS issued by the International Accounting Standards Board (IASB). The IASB, before issuing the new/amendments to IASs, issues the Exposure Draft for public comments. ...

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Implementation of Ind AS in Insurance Sector deferred for 2 Years

Ref: IRDA/F&A/CIR/ACTS/146/06/2017 - (28/06/2017) - Implementation of Ind AS in the Insurance Sector in India has been deferred for a period of two years and the same shall now be implemented effective 2020-21....

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MCA Press Release No. 3/2010 on Implementation of IFRS Dated 31st March, 2010

PRESS RELEASE-3/2010 - (31/03/2010) - In the meeting held on 29th March, 2010, the Core Group deliberated and approved the Roadmap recommended by Sub-Group I in respect of insurance companies, banking companies and non-banking finance companies. The Roadmap recommended by Sub-Group I for such classes of companies is as under:-...

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MCA Press Release No. 2/2010 on Implementation of IFRS dated 22.01.2010

PRESS RELEASE-2/2010 - (22/01/2010) - The Press Information Officer, Press Information Bureau, Ministry of Information and Broadcasting, with the request that the above mentioned Press Note may be given wide publicity....

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Recent Posts in "IFRS"

A Quick Snapshot of AS/IND-AS/IFRS

A Quick  Snapshot of Concepts of AS/IND-AS/IFRS  Accounting standards deal with recognition of events and transactions, measurement of transactions and events, presentation of transactions and events and disclosure requirements. In India ICAI issues accounting standards on the relevant subject for non-corporate bodies and The Central Go...

Read More
Posted Under: CA, CS, CMA |

How IFRS 9 revolutionised financing

IFRS 9 The financial crisis of 2008 was a wakeup call for all the financial and banking institutes as well as business entities of the world, that it was a time to have a fundamental change in the way finance is done. This global financial crisis was quite different from the previous one because this […]...

Read More
Posted Under: CA, CS, CMA |

Analysis on accounting of interest free demand loans received under Ind AS / IFRS

Accounting of Interest free demand loan given by One Company to Other Company which may or may not be related party- Entity generally advances various demand loans / Inter Corporate Deposits (ICDs) to various parties on commercial terms and sometime entities does not charge any interest or charge an interest, which is below market rate....

Read More
Posted Under: CA, CS, CMA |

IFRS 9 Financial Instruments: Transition Impact on Banks Across Globe

In the first decade of new millennium the world witnessed unprecedented global financial crisis with severe adverse impact on many economies. Unlike previous crisis, large internationally active Banks from advanced economies were at the epicentre of the crisis. The crisis impact was felt across the globe, calling for urgent and unified re...

Read More
Posted Under: CA, CS, CMA |

Amendments to IFRS 17, Insurance Contracts

In this Exposure Draft, the International Accounting Standards Board (Board) proposes targeted amendments to IFRS 17 Insurance Contracts, issued in May 2017 to respond to concerns and challenges raised by stakeholders as IFRS 17 is being implemented....

Read More
Posted Under: CA, CS, CMA |

Reference to Conceptual Framework Proposed amendments to IFRS 3

In this Exposure Draft, the International Accounting Standards Board (Board) proposes narrow-scope amendments to IFRS 3 Business Combinations. The amendments would update a reference to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations. Updating the reference without ma...

Read More
Posted Under: CA, CS, CMA |

Financial Reporting: Why our standards need an innovative overhaul?

Progressing from Accounting Standards to IndAS (or globally IFRS) has indeed been a huge step up in the Accounting world. Companies as well as regulators haven’t yet recovered from the dust risen by the IFRS storm. However, is this change enough? Is IFRS sufficient to factor in the changes happening at lightening speed in the […]...

Read More
Posted Under: CA, CS, CMA |

IFRS 8 Operating Segments

♦ In April 2001 the International Accounting Standards Board (Board) adopted IAS 14 Segment Reporting, which had originally been issued by the International Accounting Standards Committee in August 1997. ♦ In November 2006 the Board issued IFRS 8 Operating Segments to replace IAS 14. ♦ Core principle An entity shall disclose informa...

Read More
Posted Under: CA, CS, CMA |

Revenue recognition under IND-AS & IFRS – Comparative overview

Revenue recognition under IND-AS & IFRS – Comparative overview- Article discusses Applicability of IFRS-15 and IAS-115 and further discusses the following- Revenue recognition steps- 5 steps model Step: 1  Identify the contract(s) with a customer Step: 2 Identify the performance obligations in the contract Step: 3 Determine the tra...

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Posted Under: CA, CS, CMA |

IFRS 2 Share-Based Payments

Equity-settled, in which the entity receives goods or services as consideration for equity instruments of the entity (including shares or share options). Cash-settled, in which the entity receives goods or services by incurring a liability to the supplier that is based on the price (or value) of the entity’s shares or other equity instr...

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Posted Under: CA, CS, CMA |

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