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

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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 Efforts8Taxes on Income(B/S Approach, IFRS Adjustments, Defferred Tax on Outside basis etc.)Medium – High Medium – High Medium Medium910Foreign Currency Transactions(Functional Currency determination of foreign branches, Cost plus contracts)First Time Adoption(Selecting exemptions and exceptions, 1) FV of Fixed Assets, 2) BusinessCombinations and Mergers, 3) Actuarial Gains and Losses)Low Low Low MediumMedium – High Medium - High High High11 Restructuring and Discontinued Operations Low-Medium Low-Medium Low Low12EPS(Impact of IFRS adjustments, Dilution option in subsidiary, if any.)Nil Nil Low Low13Operating Segment(MIS data vs. Audited Segmental information)Nil Nil High Low14Presentation of Financial Statements(Making policy choices of format and benchmarking, Fixed deposits)Nil Nil High High15New Businesses/Transactions/ Others(New Acquisitions, Dividend)Future Future Future FutureRakesh Agarwal Slide 12
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, 2010ImpactOther NotesProperty, Plant and Equipment ( PP & E)Net worth P&L Disclosures Effort Work StreamASignificant areas1 IFRS 1 - Deemed Fair Value, Event Driven Organisation High High Low High Policy Decision2 Revaluation Model High High Medium High Policy Decision3 Fair Value at time of Business Combinations Low Low Low Low Policy Decision4 Exchange of Assets Low Low Low LowIdentifying +ValuationBDifferences in Indian Accounting Standards for earlier periods5 Asset Retirement Obligation Nil – Low Nil - Low Low LowValuation +Data capturing6 Capitalisation of Borrowing Costs Low Low Low Low Data Capturing7 Indirect expenditure during trial run Low Low Low Low Data Capturing8IFRIC - 4; Capital leasing arrangement within ServiceContractsLow-High Low-High Low HighRenewal ofContracts9 Leased Assets acquired before April 1, 2000 Nil Nil Nil Low N.A.10 Capitalization of Exchange Fluctuation Low Low Nil High Data capturingRakesh Agarwal Slide 13
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IFRS in India - jb nagar cpe study circle of wirc of icai

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