Category: IFRS

IFRS & its applicability in India : Budget 2014

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...

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How to Calculate Deferred Tax in line with IFRS

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...

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Summary of IFRS 3 – Business Combinations

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...

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Summary of IFRS 2 – Share Based Payments

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...

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America’s IFRS Implementation Plan may change FASB’s Role

Without weighing in on when — or if — the Securities and Exchange Commission will incorporate international financial reporting standards (IFRS) into the financial reporting system for U.S. issuers, the SEC has staff issued a paper that sheds some light...

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Role of Internal Auditors in Transition to IFRS

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...

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Ind AS – The Indian Desi Version of IFRS

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...

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First Time Adoption of IFRS

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...

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Difference between IFRS Conversion and IFRS Adoption

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....

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