IFRS in India - jb nagar cpe study circle of wirc of icai

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Broad understanding ofIFRS impact on IndiaInc.
IFRS in India – Its Status, Overview of Concepts and Impact in IndiaPotential Impact of IFRS on consolidated financial statements ofABC Limited for the Y.E. March 31, 2010AreasImpactA Select Components of Financial Statements Net worth Net Income Disclosures Efforts1Consolidation(SIC 12, DT on outside basis)Medium – High Medium - High Low Medium2Business Combinations(common control transactions, Fair value vs. Book value, Merger – Scopeexemption presumed)Nil - Low Low Nil Low34Property, Plant and Equipment(See sample list of applicable GAAP differences)Share based paymentse.g. Fair value accounting vs. Book value.Medium - High Medium - High Low HighNil-Low Low-Medium Nil High5Financial Instrumentse.g. Forward contracts, IFRS 7 disclosureLow-Medium Medium High High6Employee Benefitse.g. Policy of actuarial gains and losses. VRS.Low Low Low Low7Revenue RecognitionIFRIC 13, Multiple Elements, etc.Low Low Low MediumRakesh Agarwal Slide 11
Page 3 and 4: Transitioning to IFRSIFRS across th
Page 5 and 6: The Preface and The FrameworkPrefac
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Page 17 and 18: Essentials of IFRSConversion Approa
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IFRS in India - Its Status, Overvie
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Annexure 3Select IFRS tools andpubl
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IFRS in India - jb nagar cpe study circle of wirc of icai

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