Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: articles on VAT and GST in India :: form 3cd :: ACCOUNTING STANDARD :: empanelment :: TDS :: list of goods taxed at 4% :: VAT Audit
 
 
« News Headlines »
 Make your inventory and invoicing software GST Ready from Binarysoft
 Filing income-tax returns gets simpler for salaried persons
 Ten rules you must follow while filing income tax returns
 Reforming the income tax tribunal
 How the new system might impact consumers and businesses
 10 ways you get benefited from filing your tax return
 Returns under CGST Act,2017 with Rules
 Ten facts to know about filing income tax return this year
 The Ten Commandments of Tax Filing
 How to claim income tax refund
 How to time your buys to have best of two tax regimes

ICAI gears up for intl accounting standards
November, 27th 2007
The Institute of Chartered Accountants of India (ICAI), which has announced that the Indian accounting standards will be converged with International Financial Reporting (IFR) accounting standards from the financial year 2011-2012 onwards, is already gearing up for the challenge.
 
Ruling out any possibilities of complications arising out of the convergence, Ved Jain, vice-president, ICAI, said, Indian accounting standards are already on the lines of IFR standards and will require very minor changes. It will nowhere affect the performances of the companies or make them incur losses. The standards are different only to the extent of centigrade and Fahrenheit.
 
The institute is already training CA professionals across the country in this regard. The US too has agreed to adopt the IFR.
 
Apart from the US GAAP (generally accepted accounting principles) being converged with the international standard, over 100 countries have already adopted the IFR.
 
With globalisation at its peak, there had been a huge demand since long across the world for common accounting standards. Unlike India, several countries had some differences in adopting the common international accounting standard of IFR given the amount of changes required in their current standards, he said.
 
The common accounting standards has benefited several multinational companies, who until now had to publish and submit different set of accounts in the countries of their operations.
 
The Supreme Court recently upheld the revised accounting standards, AS 22, issued by ICAI, made mandatory for all listed companies since financial year 2001-02.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions