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

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The different levels of IFRSSTANDARDSInternational Financial ReportingStandards (IFRS) andInternational AccountingStandards (IAS)International Financial ReportingInterpretations Committee (IFRIC)And Standing Interpretationcommittee (SIC)Exposure Drafts andDraft InterpretationSlide 6www.iasb.orgwww.cfodirect.comRakesh AgarwalAlmost 3,000pages andincreasing !!!TypeNumberIFRS 9 (9)IAS 41 (27)IFRIC 19 (16)SIC 33 (7)Exposure draftsandInterpretationAround 15
IFRS in India – Its Status, Overview of Concepts and Impact in IndiaApplicability of IFRS in IndiaOpening balance sheet as at April 1* using IFRS-converged accounting standards2011 2012 2013 2014• NSE - Nifty 50 companies,• BSE - Sensex 30companies,• Companies whose sharesor other securities listedoutside India;• Companies listed or not,having a net worth inexcess of Rs. 1,000 crores[Note 1]• All insurance companies• Companies listed or not,having a net worth betweenRs.500 crores and Rs.1000crores [Note 1]• All scheduled commercialbanks• Urban co-operative bankshaving a net worth in excessof Rs. 300 crores• NBFCs - Nifty 50 or Sensex30• NBFCs listed or not, having anet worth > Rs.1,000 crores• Listed companies having anet worth of less thanRs.500 crores [Note 1]• Urban co-operative bankshaving net worth betweenRs. 200 to Rs. 300 crores• NBFCs (all other Listed)• NBFCs (other Unlisted)having net worth betweenRs. 500 to Rs. 1000 croresNote 1: Companies not covered in the above chart will apply ‘existing Indian accounting standards’ OR voluntarily opt toapply the ‘IFRS-converged accounting standards’.Slide 7
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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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