Please Help: Date of Applicability of IFRS

Posted Date : 20-Aug-2011 , 02:54:53 pm | Posted By CA SUBHASH KR.

what is the date of applicablity of IFRS ?

Category : IFRS | Answers : 2 | Comments : 4 | Hits : 689

Answers

Answer By: Rohit Agarwal

Still now, MCA has not come up wid a date.. We can expect not earlier den 01.04.2012.

Answer By: Rohit Agarwal

How it is to be noted that in case of India, IFRS would not be applicable. However, IND - AS issued by MCA based on the lines of IFRS with certain carve outs/differences shall be applicable.

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CA VIPIN GARG

20-Aug-2011 , 03:24:24 pm

Not yet confirmed, still lots of discussion going on in MCA and allllllll

The implementation of IFRS has been deferred by MCA vide Press release dated 25th Feb, 2011. THe press release is attached below: MCA PRESS RELEASE Reliable, consistent and uniform financial reporting is important part of good corporate governance practices worldwide in order to enhance the credibility of the businesses in the eyes of investors to take informed investment decisions. In pursuance of G-20 commitment given by India, the process of convergence of Indian Accounting Standards with IFRS has been carried out in Ministry of Corporate Affairs through wide ranging consultative exercise with all the stakeholders. Thirty five Indian Accounting Standards converged with International Financial Reporting Standards (henceforth called IND AS) are being notified by the Ministry and placed on the website. . These are: IND ASs 1, 2, 7, 8, 10, 11, 12, 16, 17, 18, 19, 20, 21, 23, 24, 27, 28, 29, 31, 32, 33, 34, 36, 37, 38, 39, 40, 101, 102, 103, 104, 105, 106, 107 and 108. The Ministry of Corporate Affairs will implement the IFRS converged Indian Accounting Standards in a phased manner after various issues including tax related issues are resolved with the concerned Departments. It would be ensured that the implementation of the converged standards in a phased manner is smooth for the stakeholders. The date of implementation of the IND AS will be notified by the Ministry at a later date. The Press Release and IND ASs are available on the Ministry’s website at www.mca.gov.in . PRESS RELEASE- 7/2011 No.1/1/2009-IFRS Dated the 25th February, 2011 Ministry of Corporate Affairs The Press Information Officer, Press Information Bureau, Ministry of Information and Broadcasting, with the request that the above mentioned Press Note may be given wide publicity. (Renuka Kumar) Joint Secretary to the Government of India