Tuesday, March 20, 2012

IFRS Applicability to Shift to 1 April,2013:ICAI

ICAI has requested the Government to postpone the date for commencement of IFRS compliance to the next financial year. International Financial Reporting Standards (IFRS), sought to bring in uniformity in financial reporting globally.

International Financial Reporting Standards (IFRS), sought to bring in uniformity in financial reporting globally.

This would facilitate the global investors to understand statements in a better manner. Compliance with IFRS by the Indian Industry has been in the air for quite a few years.

IFRS COMPLIANCE
All of Europe has already gone in for mandatory compliance of IFRS, and the US is on the way. India Inc was to do it in three phases. All the NIFTY Companies, SENSEX Companies and those with a turnover of more than Rs 1000 crore were to conform to IFRS with effect from the financial year commencing from April 1, 2011.

Much hype was created regarding this by the professional bodies, training institutes, and academic institutions.

There were several seminars, short-term courses, training sessions, etc., on IFRS, to educate both the industry and the professionals, so that the implications of IFRS could be clarified. Authors have published bulky books on these standards, giving their analyses and commentaries.

E-learning of IFRS was initiated by a few tech-savvy business houses. All of them earned substantial moolah during a period of time.

Last year, the date was postponed by one year, to take effect from April 1, 2012. Recently, the ICAI has recommended to the Central Government to postpone the date to commence from the next financial year, commencing from April 1, 2013. Thus, it has been put on hold for the time being. This, however, doesn't come as a surprise.

There are several legislations in the queue, which are being carried forward year after year.

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