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...
ICAI wants the government to bring in a provision to bar tainted firms from taking up new assignments for a fixed period, in case any of its partners has been held responsible in a fraud. Currently, if a partner of any firm is held responsible in a fraud, the firm disassociates itself from him and later counts him as a consultant. The government needs to take a stand.
The Institute of Chartered Accountants of India (ICAI), nodal agency for IFRS Implementation in India , coordinated with the Ministry of Corporate Affairs for the joint initiative taken by the Core Committee for Implementation of IFRS chaired by Shri R. Bandopadhyay, Secretary, Ministry of Corporate Affairs with the Japanese delegation led by Mr. Noriaki Shimazaki, Chairman, Internal Affairs Committee IFRS Council of Japan, for formulating coordination between the two countries for the effective implementation of IFRS.
The core Group on IFRS constituted by the Ministry of Corporate Affairs, Government of India and the International Financial Reporting Standards Council of Japan here today jointly agreed to initiate the process of mutual dialogue and collaborate on a common platform on various economic and corporate regulation related issues including convergence of Accounting Standards with IFRS.
Market-regulator Securities & Exchange Board of India (Sebi), on Tuesday, said it is looking at the need to put a check on mis-selling of mutual fund (MF) products by the distributors through a compliance certification examination.
Some of India’s large real estate firms are seeking exemption from adopting the proposed International Financial Reporting Standards (IFRS) from the next fiscal year. All real estate companies that form part of the NSE’s Nifty-50 or BSE’s Sensex-30, will have to report financial returns according to the stringent revenue recognition norms laid down by the IFRS.
Over 150 countries have implemented or announced plans to migrate to International Financial Reporting Standards (IFRS). India proposes to adopt IFRS from the accounting period starting April 2011 or later. The uniformity in accounting and disclosure standards will enable all stakeholders to understand the performance of entities and make comparisons across sectors and countries. However, the challenges cannot be underestimated as some countries that adopted IFRS took over two years for complete convergence.
The government has given two more years to banks and NBFCs to align their accounting practices with the international financial reporting standards (IFRS). The core group of the ministry of corporate affairs extended the deadline to April 2013 at a meeting on March 29.
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.
