Delay in Implementation of IFRS
PrintListen to this Article
Keeping in view the consultation held with various stakeholders on certain issues including tax related issues, it was decided to implement convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRS) in a phased manner to ease the process for all the stakeholders.
The date of implementation will be decided after the relevant issues are resolved. However, the relevant Indian Accounting Standards which are converged with IFRSs namely, the Ind Accounting Standards (Ind-AS) have been placed on the website of the Ministry for information of all the stakeholders so that they get familiarized with such standards and take timely steps to implement them once these are implemented.
This information was given by the the Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today in reply to a written question regarding the reasons for which the Ministry is not implementing the International Financial Reporting Standards (IFRS) accounting system in the country by internationally committed deadline of April, 2011; the implications of the delay in implementing IFRS; whether implementation date has been decided by the Ministry; and the details thereof in the Rajya Sabha today.
Category : Accounts | Comments : 0 | Hits : 1352
dfsfsdfsdfsdfsdff sdfdsf hhh hhhhhh
Let's use this quarantine to learn. If you know nothing about IndAs / IFRS and willing to take the first giant step. Let's help you in it. Watch this Video. https://youtu.be/5pR806CtkSc Dont forget to Like the Video and Subscribe CA Sansaar YouTube Channel Stay Home, Stay Safe, Stay Updated. (We Care for You)
The Enforcement Directorate (ED) is investigating several accounts with the J&K Bank, in which huge amounts were deposited and then withdrawn in cash over a period of time. The agency is trying to ascertain the source of deposits in such accounts. Based on the cases registered by the Jammu and Kashmir's Anti-Corruption Branch (ACB), the ED is already carrying out a money laundering probe into a range of allegations involving the bank, its former functionaries and others. Loans sanc...
Almost two decades after the collapse of US giant Enron in a notorious accounting scandal, the accountancy sector is back in the spotlight, this time thanks to a string of scandals in Britain. The sector's so-called "Big Four" -- Deloitte, EY, KPMG and PwC -- have a long-established oligopoly to advise and monitor big business, experts say. The powerful companies engage in a wide range of activities, from accounts auditing and strategy consulting to proposed mergers and acqui...
Finance Minister Arun Jaitley has said that highest level of integrity and efficiency is required on the part of officers and staff of Civil Accounts Service as great sanctity is attached to the accounting system. Addressing the 42nd Civil Accounts Day function in New Delhi this morning, Mr Jaitley said, there is no scope for error in the accounting system. He said accounts need to be error free since the Government informs the nation on the state of public finances. M...
Comments