Arun Jaitley while announcing the Budget 2014 announced that there is an urgent need to converge the current Indian Accounting Standards with the International Financial Reporting Standards (IFRS). He also announced that Ind AS (i.e. Indian standards converged with IFRS) can...
Why do you need to recognize deferred tax? You should recognize deferred tax not only because the IFRS rules say so, but also because deferred tax is an important accounting measure. It helps to match tax effect of certain transactions...
A business combination is the bringing together of separate entities or businesses into one reporting entity. The Result of nearly all business combinations is that one entity i.e. the acquirer, obtains control of one or more other businesses. Scope of...
The Objective of IFRS 2 is to specify the financial reporting by an entity when it undertakes a share based payment transaction. In particular, it requires the entity to reflect in its Profit & Loss position – the effects of...
Among recent significant developments in the Corporate World are the Adoption/ Convergence to the International Financial Reporting Standards (IFRS). Although due to Recession, the senior management’s focus was temporarily diverted, but gradually with the revival of economy, this issue has...
With India deciding to converge with IFRS and not Adopt IFRS, Ind-AS is certainly the way forward for Indian Companies. In simple terms, Convergence with IFRS means that India would not be applying the IFRS as issued by the International...
IFRS 1 i.e. First Time Adoption of IFRS is the guidance that is applied during the preparation of a company’s first time IFRS based statements. IFRS 1 was created to help companies easily convert to International Standards and provides practical...
The use of IFRS (International Financial Reporting Standards) is becoming so widespread that it has already been applied in over a 100 Countries which includes the likes of European Union, Hong Kong, Australia, South Africa, Russia and Singapore amongst others....