Preview

Ifrs in India

Powerful Essays
Open Document
Open Document
2564 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Ifrs in India
IFRS... in India

International Financial Reporting
Professor Uri Ronnen
Year:2012/2013

Table of Contents

What is IFRS?...........................................................................................................2

What is the difference between Adoption and Conversion of IFRS ...............4

The current situation of Accounting India :If the conversion is not a problem the total adoption is still delayed ………………..........................………........………….5

Main difference between Ind-AS and IAS …………………........................………..6

Case study : the Compant WIPRO ltd ………………...................………………...7

Conclusion ............…..............................................................…...………..................22

What is IFRS

International Financial Reporting Standards (IFRS) is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB) in 2001.The goal of IFRS is to provide a global framework for how public companies prepare and disclose their financial statements. IFRS provides general guidance for the preparation of financial statements, rather than setting rules for industry-specific reporting.
Its principal objectives are: to develop a single set of high quality, understandable, enforceable and globally accepted international financial reporting standards (IFRSs) through its standard-setting body, the IASB; to promote the use and rigorous application of those standards; to take account of the financial reporting needs of emerging economies and small and medium-sized entities (SMEs); and to promote and facilitate adoption of IFRSs, being the standards and interpretations issued by the IASB, through the convergence of national accounting standards and IFRSs.
The governance and oversight of the activities undertaken by the IFRS Foundation and its
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Good Essays

    Week 2 Assignment Xuelian Li
    • 892 Words
    • 3 Pages

    Week 2 Assignment Xuelian Li

    IFRS is a set of accounting standards promulgated by the International Accounting Standards Board (IASB), an international standard-setting body based in London. It was designed as a common global language for business affairs so that company accounts are comparable and understandable across international boundaries (Ghosh, 2010). In June 2002, the European Union (EU) adopted an IAS Regulation requiring European companies listed in an EU/European Economic Area (EEA) securities market to prepare their consolidated financial statements in accordance with IFRS starting in 2005 (United Kingdom).…

    • 892 Words
    • 3 Pages
    Good Essays
    Read More
  • Good Essays

    Comparing the Gaap and Ifrs
    • 1065 Words
    • 5 Pages

    Comparing the Gaap and Ifrs

    There have been proposals that have been working on with regard to the replacement of GAAP (Generally Accepted Accounting Principles) with IFRS (International Financial Reporting Standards) as used in the accounting and financial reporting aspects. Such convergence requires that the functions of the GAAP standards be added to the IFRS. The International Accounting Standards Board (IASB) developed the IFRS which is a less-detailed financial reporting system.…

    • 1065 Words
    • 5 Pages
    Good Essays
    Read More
  • Better Essays

    ACC 541 Week 1
    • 1251 Words
    • 4 Pages

    ACC 541 Week 1

    The International Accounting Standards Committee was formed in 1973. This committee was the first international standard-setting body. In early 2001, this Committee was reorganized and became the the International Accounting Standards Board (IASB) to independently develop and establish a single set of accounting procedures for international business. Since the reorganization of the IASB, the use of these international financial reporting standards (IFRSs) have been required or permitted in over 100 countries, including the European Union ("What Have IASB And FASB Convergence Efforts Achieved?", 2013). The IASB aims to make the entire world follow guidelines for financial reporting to make use and comparability of financial reports more consistent across all geographical areas.…

    • 1251 Words
    • 4 Pages
    Better Essays
    Read More
  • Powerful Essays

    Where Does the Us Stand on the Adoption of Ifrs?
    • 1356 Words
    • 6 Pages

    Where Does the Us Stand on the Adoption of Ifrs?

    E&Y. (2006, Sept). Ernst and Young- Observations on the implementation of IFRS. Retrieved from www.swisco.ch/swisco5/seminaires/ifrs/200609_EY_Observations_on_IFRS.pdf…

    • 1356 Words
    • 6 Pages
    Powerful Essays
    Read More
  • Good Essays

    Comparing IFRS to GAAP
    • 889 Words
    • 3 Pages

    Comparing IFRS to GAAP

    In the Accounting industry, there are various principles and guidelines by which financial accountants, analysts, and organizations need to abide by. The International Accounting Standards Board (IASB) issues standards (IFRS) that have been adopted by the United States and several countries outside of the U.S. (Kimmel, Weygandt & Kieso, 2010). The IFRS along with Generally Accepted Accounting Principles (GAAP), professionals in the accounting industry use these guidelines as a baseline on which accounting practices are built upon. These standards are governed by the Securities and Exchange Commission (SEC) which ultimately oversees U.S. financial markets and accounting standard-setting bodies. Moving forward, the elements of IFRS and GAAP will be discussed to illustrate the similarities and differences and how it relates to Accounting and used in business practice.…

    • 889 Words
    • 3 Pages
    Good Essays
    Read More
  • Powerful Essays

    Gaap vs Ifrs
    • 6672 Words
    • 27 Pages

    Gaap vs Ifrs

    The generally accepted accounting principal (GAAP) and international financial reporting standard (IFRS) are standards governing how economic events are reported. In the United States, the Securities and Exchange Commission (SEC) relies on the FASB, the accounting standard-setting body of the US, to develop accounting standards that public companies must follow when publishing financial statements. On the other hand, many countries outside of the Unite States have adopted the International Financial Reporting Standard (IFRS) which is issued by the International Accounting Standard Board (IASB). In recent years, the FASB and IASB have worked closely to try to minimize the differences in their standards and principals and to merge the two systems in the future.…

    • 6672 Words
    • 27 Pages
    Powerful Essays
    Read More
  • Good Essays

    Relationship Between Iasb and Fasb
    • 1160 Words
    • 5 Pages

    Relationship Between Iasb and Fasb

    The International Accounting Standards Board is partnering with national standard setters to accelerate the convergence between national and international accounting standards. The goal of convergence is for organizations across the world to report comparable financial accounting information that is transparent and accurate so that users of the information can make sound economic decisions (Schroeder, Clark, & Cathey, Chapter 3, 2011).…

    • 1160 Words
    • 5 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Fasb Convergence
    • 543 Words
    • 3 Pages

    Fasb Convergence

    IASB was formed in 1973 under the name International Accounting Standards Committee. Its mission was to formulate and publish in the public interest basic standards to be observed in the presentation of audited accounts and financial statements and to promote…

    • 543 Words
    • 3 Pages
    Satisfactory Essays
    Read More
  • Powerful Essays

    Revenue Recognition on Fasb and Iasb Convergence Process
    • 1827 Words
    • 8 Pages

    Revenue Recognition on Fasb and Iasb Convergence Process

    FASB and IASB have completed several short-term convergence projects. They work on four high-priority convergence projects including revenue recognition, leasing, financial instruments and insurance contracts. In 2008, the Securities and Exchange Commission (SEC) issued its proposed “roadmap” to adoption of IFRS by U.S. companies. In February 2010, the SEC staff issued the “Work Plan for the Consideration of Incorporating International Financial Reporting Standards into the Financial Reporting System for U.S. Issuers.” In May 2011, the SEC published a paper suggesting condorsement a combination of convergence and endorsement as a possible alternative to requiring U.S. companies to adopt IFRS outright. Under this approach, FASB and IASB would continue their efforts to converge U.S. GAAP and IFRS. There are…

    • 1827 Words
    • 8 Pages
    Powerful Essays
    Read More
  • Good Essays

    Differences Between Gaap and Ifrs
    • 1795 Words
    • 8 Pages

    Differences Between Gaap and Ifrs

    The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are working together to eliminate a variety of difference between the United States generally accepted accounting procedures (U.S. GAAP or GAAP) and International Financial Reporting Standards (IFRS). This convergence project grew out of an agreement reached by the two boards in 2002 (Deloitte, 2004).…

    • 1795 Words
    • 8 Pages
    Good Essays
    Read More
  • Powerful Essays

    Gaap & Ifrs Convergence
    • 1150 Words
    • 5 Pages

    Gaap & Ifrs Convergence

    All this has led to the need of a single set of global accounting standards. These standards are called International Financial Reporting Standards (IFRS). IFRS are issued by the International Accounting Standards Board (IASB), an independent body that was formed in 1973 by the professional accounting bodies in the United States and eight other industrialized countries. India is also on way to adopt these global standards. The Institute of Chartered Accountants of India (ICAI) has announced to converge the Indian Accounting Standards with IFRS by 1st April, 2011.…

    • 1150 Words
    • 5 Pages
    Powerful Essays
    Read More
  • Good Essays

    Fasb Vs Ifrs
    • 428 Words
    • 2 Pages

    Fasb Vs Ifrs

    The FASB takes an interest effectively in the improvement of IFRS, giving info on IASB ventures through the IASB's Accounting Standards Advisory Forum (ASAF) and through different means. The FASB adds to the improvement of IFRS by sharing perspectives in light of its past experience or created through the FASB's expected procedure, partner effort, examination, and thoughts. We trust our endeavors to enhance GAAP advantage from the global viewpoints increased through our cooperations with the IASB.…

    • 428 Words
    • 2 Pages
    Good Essays
    Read More
  • Better Essays

    Acc 403 Generally Accepted Accounting Principles (Us Gaap)
    • 1029 Words
    • 5 Pages

    Acc 403 Generally Accepted Accounting Principles (Us Gaap)

    IFRS are International Financial Reporting Standards issued by the International Accounting Standards Board (IASB). Nearly 100 countries use or coordinate with IFRS. These countries or groups of countries include the European Union, Australia, and South Africa. While some countries require all companies to adhere to IFRS, others merely allow it or try to coordinate their own country’s standards to be similar. The IASB is working toward this goal in a partnership with some of the most influential accounting standard-setters across the globe. Because of globalization, it is paramount that the world markets be on one accord in…

    • 1029 Words
    • 5 Pages
    Better Essays
    Read More
  • Best Essays

    Norwalk Pharmaceutical Division
    • 2244 Words
    • 9 Pages

    Norwalk Pharmaceutical Division

    Social and professional expectations have been undergone a major shift as the global moves to adopt International Financial Reporting Standards (IFRS) which is a set of accounting standards, developed by the International Accounting Standards Board(IASB) as the global standard for the preparation of public company financial statements. To date, industry focus has been mainly on the technical aspects of IFRS adoption; however, IFRS also is likely to impact the ethical aspect of accountants’ professional judgment, because IFRS requires the use of a more “principled” approach to accounting standards than previously required a rules-based system General Accepted Accounting Practices (GAAP).…

    • 2244 Words
    • 9 Pages
    Best Essays
    Read More
  • Satisfactory Essays

    Differences Between Ifrs & a-Ifrs
    • 591 Words
    • 3 Pages

    Differences Between Ifrs & a-Ifrs

    The differences between IFRS and AIFRS relate to whether an item is recognized or not, when it is recognized and so forth. (Hoyle, 542) For example, the classification of dividends paid is different under AIFRS and IFRS. Under AIFRS, dividends paid should be put into cash flows from financing activities. Whereas, dividends paid can be classified as cash flows from financing activities or from operating cash flows in order to help users to decide the ability of an corporation through operating cash flow to pay dividends.( Porter B,2005)…

    • 591 Words
    • 3 Pages
    Satisfactory Essays
    Read More

Related Topics