IFRS

IFRSs Implementation practical issues

Finance - Under globalization scenario, business are crossed the boundaries of the country and the level of stakeholders are also spread across the world. So, the requirement of presenting the financial statement in common platform is an inevitable business requirement to satisfy all the stakeholders. The IFRSs are the standards which helps to prep...

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Examples of accounting under IFRS

Finance - The purpose of this article is to learn about some common concepts under IFRSs, namely, the (i) time value of money comprising present value and future value of cash flows, (ii) simple and compound interest (iii) effective rate of interest (EIR), (iv) annuities, plus...

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Common business contracts and how to get IFRS numbers

Finance - This quick guide may be useful for professional accountants in practice or those working in Industry or Financial services firms like Banks/FIs, to calculate IFRS values for certain common business contracts which are usually high valued and significant in business operations, into the financial statements. So, here we go!...

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Key practical tips in practice of IFRSs (Ind ASs)

Finance - IFRSs (IND ASs being the Indian version) are now applicable in India for all listed and non-listed majors too including the requirement to prepare group financial statements. Chartered accountants in particular have to apply due diligence to measure and recognise fair values of financial assets, financial liabilities, financial derivative...

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Risk and IFRS

Finance - Financial reporting under IFRSs is deeply connected with risk management. Entity which decides to adopt IFRSs should also ensure that it has a robust risk management (RM) system. This is for the reason that different IFRSs give references to the entity’s market and credit risk documented policy which helps determine if an asset has or h...

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

Finance - 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

Finance - 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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Post-implementation Review – IFRS 13 Fair Value Measurement

Finance - The IASB has issued a request for stakeholders to tell the Board about their experience with the accounting standard that explains how to measure the ‘fair value’ of assets and liabilities, IFRS 13. The aim is to check whether the Standard meets its objectives. ...

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Draft of clarifications to Ind AS 115 Revenue from Contracts with Customers

Finance - Following is the Exposure Draft of Clarifications to Ind AS 115, Revenue from Contracts with Customers, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments....

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ICAI Proposes amendments to IFRS 8 and IAS 34

Finance - Exposure Draft issued by IASB on Improvements to IFRS 8 Operating Segments (Proposed amendments to IFRS 8 and IAS 34) is for comments only. Comments on the Exposure Draft need to be received by May 26, 2017....

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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"

IFRSs Implementation practical issues

Under globalization scenario, business are crossed the boundaries of the country and the level of stakeholders are also spread across the world. So, the requirement of presenting the financial statement in common platform is an inevitable business requirement to satisfy all the stakeholders. The IFRSs are the standards which helps to prep...

Read More
Posted Under: CA, CS, CMA |

Examples of accounting under IFRS

The purpose of this article is to learn about some common concepts under IFRSs, namely, the (i) time value of money comprising present value and future value of cash flows, (ii) simple and compound interest (iii) effective rate of interest (EIR), (iv) annuities, plus...

Read More
Posted Under: CA, CS, CMA |

Common business contracts and how to get IFRS numbers

This quick guide may be useful for professional accountants in practice or those working in Industry or Financial services firms like Banks/FIs, to calculate IFRS values for certain common business contracts which are usually high valued and significant in business operations, into the financial statements. So, here we go!...

Read More
Posted Under: CA, CS, CMA |

Key practical tips in practice of IFRSs (Ind ASs)

IFRSs (IND ASs being the Indian version) are now applicable in India for all listed and non-listed majors too including the requirement to prepare group financial statements. Chartered accountants in particular have to apply due diligence to measure and recognise fair values of financial assets, financial liabilities, financial derivative...

Read More
Posted Under: CA, CS, CMA |

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

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...

Read More
Posted Under: CA, CS, CMA |

Risk and IFRS

Financial reporting under IFRSs is deeply connected with risk management. Entity which decides to adopt IFRSs should also ensure that it has a robust risk management (RM) system. This is for the reason that different IFRSs give references to the entity’s market and credit risk documented policy which helps determine if an asset has or h...

Read More
Posted Under: CA, CS, CMA |

Ind AS and corresponding impact of MAT computations – tracking the evolution

Sandeep Dasgupta & Risha Gandhi IFRS adoption in India: With globalization of businesses and imminently increasing need for transparent, comparable financial information across markets, the International Accounting Standards Board (IASB) embarked on developing, a single set of high quality, understandable and enforceable global accoun...

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Posted Under: CA, CS, CMA |

Need for Standards on Valuation in India

Corporate valuations is the main step towards corporate finance activity (which includes capital raising, M&A) and towards meeting regulatory/accounting requirements or for management purposes. ...

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Posted Under: CA, CS, CMA |

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 10

Issue 1: A Ltd. has given an interest free loan to its subsidiary company B Ltd. Both companies are covered under Phase I of Ind AS roadmap. B Ltd. has recognised the differential of present value of loan amount and its carrying amount as per previous GAAP as ‘Equity’ in its standalone financial statements prepared as per Ind AS. A Lt...

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Posted Under: CA, CS, CMA |

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....

Read More
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