With less than six months to go before the nation moves towards a globally-recognised accounting system, the government plans to dilute some key provisions relating to foreign exchange differences and overseas borrowings which will make global investors suspect Indian accounting, say three people closely associated with the development. In the case of accounting for foreign [...]
Archive for the ‘IFRS’ Category
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IRDA panel to examine issues in accounting practices of insurance co’s
Posted by khyati on October 6th, 2010
The Insurance Regulatory & Development Authority(IRDA) has formed a panel to chart out an action plan on convergence of international financial reporting standard (IFRS). The working group will be headed by R K Nair, member, IRDA and will furnish its comments on Exposure Draft of IFRS 4 by 5th November. However it will submit its [...]
After GST & DTC, govt likely to miss IFRS implementation deadline
Posted by admin on October 3rd, 2010
After missing its date with the Goods and Services Tax and the Direct Taxes Code, the government is also likely to miss the deadline for another major reform initiative – implementation of International Financial Reporting Standards (IFRS) from the next financial year. Already, banks and insurance companies are outside the ambit of the new accounting [...]
2011-12 challenging for CA’s with IFRS & direct tax code
Posted by admin on August 22nd, 2010
The financial year 2011-12 is going to be more vibrant, especially for the accounting professionals, with the implementation of Direct Taxes Code (DTC) and the convergence of Indian accounting standards with IFRS (International Financial Reporting Standards), according to Mr G. Ramaswamy, Vice-President of the Institute of Chartered Accountants of India (ICAI).
IFRS & Small and Medium Enterprises
Posted by admin on August 13th, 2010
There is no proposal to make small and medium enterprises adopt International Financial Reporting Standards (IFRS), the Lok Sabha was informed today. “In view of the complicated and high cost nature of compliance with IFRS, it is not suitable for small and medium enterprises at present,” Minister of State for Micro, Small and Medium Enterprises [...]
ICAI gears up for IFRS implement in India
Posted by admin on August 10th, 2010
The Institute of Chartered Accountants of India (ICAI) has launched an initiative to train chartered accountants in India so that the International Financial Reporting Standards (IFRS) could be put in use in the country by 2014, said G Ramaswamy, Vice-President of ICAI in a press conference here on Sunday. The IFRS will be implemented in [...]
