CA, CS, CMA : Geopolitical tensions are forcing reassessment of ECL assumptions under IFRS 9. The key takeaway is that forward-looking risk adju...
Goods and Services Tax : Comparison of GST composite and mixed supply with IFRS 15 bundled performance obligations, focusing on tax rate determination and ...
CA, CS, CMA : Summarises how WIP is recognised and measured under Ind AS 115/IFRS 15, emphasising cost tracking, progress measurement, and discl...
CA, CS, CMA : Introduction The International Accounting Standards Board (IASB) has taken a significant leap towards enhancing transparency and c...
CA, CS, CMA : Explore how Ind AS 113 and IFRS 13 guide fair value using market-based and income-based valuation approaches with key differences ...
Corporate Law : Explore proposed amendments to IAS 32, IFRS 7, and IAS 1 in the Exposure Draft by IASB. Learn how the changes address challenges i...
CA, CS, CMA : Exposure Draft on Amendments to the Classification and Measurement of Financial Instruments (Proposed amendments to IFRS 9 and IFR...
CA, CS, CMA : To contribute to standard setting at international level, Exposure Draft of third edition of IFRS for SMEs Accounting Standard is...
CA, CS, CMA : Staff draft of IFRS Sustainability Disclosure Taxonomy is issued by the IFRS Foundation for the public views. This draft sets out ...
CA, CS, CMA : IFRS Foundation document issued for comments: IFRS Taxonomy 2021-Proposed Update 3 Initial Application of IFRS 17 and IFRS 9-Compa...
Corporate Law : 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 im...
Company Law : In the meeting held on 29th March, 2010, the Core Group deliberated and approved the Roadmap recommended by Sub-Group I in respec...
Company Law : The Press Information Officer, Press Information Bureau, Ministry of Information and Broadcasting, with the request that the above...
The ICAI has issued the Second Edition of the Guidance Note on Accounting for Rate Regulated Activities to make certain changes with respect to presentation requirements to make this Guidance Note consistent with the Ind AS 114, Regulatory Deferral Accounts formulated corresponding to IFRS 14.
To harmonize the accounting norms with global Standards, the Finance Minister, Mr. Arun Jaitley, had announced in the Last Budget session for the implementation of Indian Accounting Standards (Ind AS) which are converged with the International Financial Reporting Standards (IFRS). On Jan 2, 2015 MCA came up with a Road Map for the implementation of […]
The Institute of Chartered Accountants of India (ICAI) notes with great pride that the Government has accepted its recommendations with regard to the roadmap for implementation of Indian Accounting Standards (Ind AS) for companies other than banking companies, insurance companies and NBFCs. ICAI had recommended this roadmap to the Ministry of Corporate Affairs (MCA) in […]
Atul Khurana OVERVIEW: What are Accounting Standards? What is IFRS? What is Convergence of Accounting Standards? Convergence of Indian accounting standards with IFRS Role of ICAI in convergence Role of SEBI in convergence Role of Industry Associations in convergence Advantages and Challenges for convergence Meaning of Accounting Standards: In order to ensure transparency consistency, comparability, […]
As you are kindly aware, the Ministry of Corporate Affairs (MCA) has placed the Indian Accounting Standards (Ind ASs) which are converged with International Financial Reporting Standards (IFRSs) on its website. Thereafter, certain new standards/amendments to the IAS/IFRS have been issued by the IASB. With a view to keep pace with the new IFRS/ revisions […]
For convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRSs), a Press Release (No.2/2010) laying down roadmap for application of converged Indian Accounting Standards (Ind AS) by companies (other than Banking companies, Insurance companies and Non-Banking Finance Companies) was issued on 22nd January, 2010. Further, a Press Release (No.3/2010) related to the roadmap […]
CA Kamal Garg Convergence with International Accounting Standards (IASs)/International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB) is getting its due weightage over a period of time and in the present context the convergence to IFRS is in the process of shaping up all over the world such that more than […]
Banking regulators control and monitor the financial state of affair of the banks through reporting mechanism. With the formation of European Union, banks operating in European region are expected to report under multi regulatory environment, where such reporting becomes complex and dynamic, requiring banks to submit reports in a timely manner with more granularities, supported by intensive information. Identifying data synergies and taking leverage of that can help such banks in effective and correct compliance.
International Financial Reporting Standards (IFRS) are principle based standards as against the rule based standards currently in force; that establishes recognition, measurement, presentation and disclosure requirements relating to transactions and events that are reflected in the financial statements. IFRS was developed in the year 2001 by the International Accounting Standards Board (IASB) to provide a single set of high quality, understandable and uniform accounting standards.
On 3 July 2008, the International Financial Reporting Interpretations Committee (IFRIC) issued IFRIC 15 Agreements for the Construction of Real Estate. The Interpretation addresses the accounting for revenue and associated expenses by entities that undertake the construction of real estate directly or through subcontractors. Agreements within the scope of IFRIC 15 are described as ‘agreements for the construction of real estate’, and may include the delivery of other goods or services. IFRIC 15 addresses two (related) issues:
