CA, CS, CMA : Explore how ESG integration into IFRS standards redefines corporate accountability, focusing on sustainability disclosures, global...
CA, CS, CMA : Learn about OCI under IND AS/IFRS, its components, classifications, and the logic behind recycling. Understand its impact on finan...
CA, CS, CMA : IASB proposes amendments to IFRS 9 and IFRS 7 for better accounting of renewable electricity contracts, addressing practical issue...
CA, CS, CMA : Detailed Analysis of Differences Between Indian Accounting Standards (Ind AS) and International Financial Reporting Standards (IFR...
CA, CS, CMA : Explore the intricacies of revenue recognition under Ind AS 115 and IFRS 15, Revenue from Contracts with Customers. Understand the...
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...
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:-
There is relief in store for Indian banks. The deadline to implement the International Financial Reporting Standards (IFRS) looks set to be extended to April 2012 from April 2011 for banking companies. It is learnt that banks may get more time to implement IFRS. The deadline for Indian companies is April 2011. However, the deadline for banks may be extended to April 2012.
The Government has informed Lok Sabha that the Government has adopted the approach of convergence of Accounting Standards issued under the Companies Act, 1956 with the International Financial Reporting Standards (IFRS), keeping in view the requirements relevant to Indian conditions and to enable Indian companies and concerned regulatory bodies to transform to the new standards smoothly.
The CA institute favours a regime where depreciation rates for company law purposes are based on the useful life of an asset. The depreciation rates should also be indicative and not prescriptive as is the case now, Mr Amarjit Chopra, President of Institute of Chartered Accountants of India (ICAI), has said.
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial asset is cash, equity shares issued by another entity, and a contractual right to receive cash or another financial asset. A derivative instrument is recognised either as an asset or a liability depending on whether the price of the instrument is favourable or unfavorable to the entity. Today we shall not discuss accounting for derivatives.
The Centre-appointed core committee, dealing with the transition from the Indian Generally Accepted Accounting Practices (IGAAP) to International Financial Reporting Standards (IFRS), is expected to come out with fresh guidelines for implementing the new standards by the end of this month.
On January 22, 2010 the Ministry of Corporate Affairs issued the road map for transition to IFRS. It is clear that India has deferred transition to IFRS by a year. In the first phase, companies included in Nifty 50 or BSE Sensex, and companies whose securities are listed on stock exchanges outside India and all other companies having net worth of Rs 1,000 crore will prepare and present financial statements using Indian Accounting Standards converged with IFRS.
This year has been the year of recognition. Our Institute has already achieved international recognition. National recognition was achieved recently when I received the award for “Recognition of Excellence” on behalf of the Institute from H.E. Smt. Pratibha Devisingh Patil, Hon’ble President of India.
The migration of the accounting standards for corporate India to the International Financial Reporting Standards (IFRS) platform has created a challenge for the revenue department at the Centre. The Direct Taxes Code written by the finance ministry and expected to become law in 2010-11 is in several instances incongruent with the new global 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.
