Core Group on IFRS from India and the IFRS Council of Japan Sign Memorandum of Understanding on IFRS
Jul 28, 2010 Accounting
India and Japan have signed a historic Memorandum of Understanding (MOU) on IFRS. It was signed in Japan between the Core Group on IFRS constituted by the Ministry of Corporate Affairs and the IFRS Council, Japan
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Tags: ICAI, IFRS, IFRS Council of Japan, memorandum of understanding, MoU
RBI sets up Working Group to address Implementation Issues in IFRS
Jul 24, 2010 Accounting
The Reserve Bank of India has constituted up a Working Group under the Chairmanship of Shri P R Ravi Mohan, Chief General Manager, Department of Banking Operations & Development (DBOD), Reserve Bank of India, to address the implementation issues and facilitate formulation of operational guidelines in the context of International Financial Reporting Standards (IFRSs) convergence for the Indian banking system.
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Tags: Annual Policy Statement, IFRS, nbfc, non-banking finance companies
IFRS may be fine-tuned to Indian needs
Jul 21, 2010 Accounting
The International Financial Reporting Standards (IFRS), which several large companies in India will need to follow from April 1, will be flexible enough to suit Indian companies, the Union Minister for Corporate Affairs, Mr Salman Khurshid, has said.
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Tags: IFRS, INTERNATIONAL FINANCIAL REPORTING STANDARDS, Minister for Corporate Affairs, Salman Khurshid
Convergence to IFRS will cost dearly to small companies not having ERP
Jul 13, 2010 Accounting
The transition to International Financial Reporting Standards (IFRS), from the Indian Accounting Standards, effective April 1, 2011, would require companies to incur direct and indirect costs in areas such as training employees, hiring consultants and trainers and adding new features to revamp IT systems.
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Tags: ERP, IFRS transition cost, INTERNATIONAL FINANCIAL REPORTING STANDARDS, tata steel
Indian accounting standards will converge with International Financial Reporting Standards (IFRS) by 2011
Jul 9, 2010 Accounting
The government today said that Indian accounting standards will converge with International Financial Reporting Standards (IFRS) by 2011, even as issues like fair value and depreciation are being ironed out. “We are still working on fair value concepts and other issues like depreciation, but I can assure you that we will stick to the roadmap laid for the convergence of Indian standards with the IFRS,” Corporate Affairs Minister Salman Khurshid said on the sidelines of an Assocham seminar on International Financial Reporting Standards (IFRS) here.
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Tags: corporate affairs ministry, IFRS, INTERNATIONAL FINANCIAL REPORTING STANDARDS, non-banking finance companies, Salman Khurshid
IFRS migration will create taxation issues for Indian Companies
Jul 2, 2010 Accounting
As corporate India comes to terms with the complex new system of accounting standards, which it will have to adopt beginning April 1, it is vexed with two related issues that it has no control over — taxation and the companies law.
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IFRS migration may provide huge business opportunity to Indian BPO firms
Jun 29, 2010 Accounting
Come 2014, the US will align its accounting practices with the International Financial Reporting Standards (IFRS) – a system of harmonised standards recommended by the International Accounting Standards Board, an independent body of the International Accounting Standards Committee Foundation.
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Tags: IFRS, international financial reporting standard, NASSCOM
IASB and FASB propose a new joint standard for revenue recognition
Jun 25, 2010 Accounting
The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published for public comment a draft standard to improve and align the financial reporting of revenue from contracts with customers and related costs.
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Tags: FASB, gaap, iasb, international accounting standards board, US Financial Accounting Standards Board, US GAAP
Amendments to the Payment of Gratuity Act- An overview of accounting implications
Jun 8, 2010 Accounting
In India, the Payment of Gratuity Act, 1972 (Act) requires entities with ten or more employees to pay gratuity benefit to their employees at the time of termination of employment. The act also provides that if an entity is covered under the act because its number of employees exceeded ten on a particular day, it will continue to be covered under the act even if its number of employees fall below ten subsequently.
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Tags: gratuity 10 lakh, Gratuity 350000, payment of gratuity act
New IFRS norms may hit Indian Companies Valuation
May 29, 2010 Accounting
Large Indian companies could report a sharp fall in the valuation of their assets as new accounting norms prompt these firms to reassess the fair value of their units, a mandatory condition under globalised reporting standards. Adoption of the International Financial Reporting Standards (IFRS), a modern accounting system that Indian companies have to migrate to from next year,
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Tags: company valuation, IFRS, tata motors, tata steel, Vodafone