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...
The issues of opening up of accountancy services in India and recognition to Indian accountancy professionals in the UK are likely to get a push at the forthcoming India-UK talks on Corporate Governance. The key issue will be the reciprocal recognition to the members of the Institute of Chartered Accountants of India (ICAI) and its British counterpart.
Normally every sovereign state provides a legal framework to decide about the accounting year. Every entity carrying on a business is required to prepare the final accounts as understood by us for pre-defined accounting year. [More…] Besides annual report to various stakeholders, collection of tax revenue is also based on this pre-determined accounting year. In India, such an accounting year is financial year starting from 1st April and ending on 31st March. Earlier in India, sentimental luxury relating to choice of an accounting year was given to every business entity. No longer is such a luxury permissible.
These are challenging times in many respects. A global financial meltdown in which India cannot escape without hurt, a gruesome terrorist attack on 26/11 on the financial capital of India i.e., our dear Mumbai, politicians’ continuous play and ensuing election and what not. In the field of Accounting and Auditing also we are expected to start a new reporting procedure, namely, IFRS. It is stated to be applicable from 1st April 2011. However in reality, one will have to start looking at the accounts in accordance with IFRS requirements much earlier, say, from 1st of April 2009.
Consolidated Financial Statements shall be prepared by an entity if it has control over another entity. ‘Control’ under IFRS, being power to govern the financial and operating policies, covers within its purview even those entities that have been excluded under Indian GAAP. This article attempts to analyse the meaning and scope of the term — Potential Voting Rights — when determining control.
Banks’ association says the process needs a huge effort. Banks may seek time beyond the March 2011 deadline to shift to International Financial Reporting Standards (IFRS) in view of the mammoth effort required for the switover, according to industry sources.The Indian Banks’ Association (IBA) today said its management committee last week discussed the implications of the convergence.
India will stick to its earlier announced deadline for convergence with the International Financial Reporting Standards (IFRS) by April 2011, a top Government official has said. “Let me make it very clear that India is a signatory to accept IFRS.By accept, I mean convergence to IFRS by April 2011 and not adoption.
Making clear its commitment to converge Indian accounting norms with International Financial Reporting Standards (IFRS) by 2011, the government on Wednesday said all concerns of the industry would be addressed before convergence takes place. “We stand by our commitment to converge the Indian accounting norms with the IFRS and have synchronised the views of all stakeholders,” corporate affairs ministry secretary R Bandyopadhay said at a CII event.
IFRS — issued by International Accounting Standards Board — is acknowledged by 113 countries. This is ICAI’s first list and more companies would be added on its next list, sources said. The first list comprises 439 companies. It includes BSE-Sensex companies, NSE-Nifty companies, companies that have raised debt of over $50 million abroad, financial sector companies, publicly accountable companies (with total borrowings of over Rs 1,000 crore), Indian subsidiaries of foreign companies that have implemented IFRS at the parent company and companies outside these categories with capital of over $50 million abroad.
An acute shortage of trained tax professionals coupled with a changing and complex tax landscape has led to a sharp rise in the pay packets of such experts with the average salary more than doubling in the past year alone, according to senior executives from tax and legal firms. While an entry level tax professional today commands not less than Rs 10 lakh per annum in some of the country’s top firms, the salary range for a middle-level professional is between Rs 25 lakh and Rs 35 lakh; while for a partner it ranges upward of Rs 75 lakh.
The Government will soon be empowered to swiftly incorporate in the Companies Act any changes in accounting standards through the rules governing the Act. It will not have to go through the long process of amending the Act.
