Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: empanelment :: articles on VAT and GST in India :: TDS :: due date for vat payment :: form 3cd :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: VAT RATES :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
« Students »
 President's Message - February 2018
  Examination Timings - CA May - 2018 Examinations
 ICAI wants CA course to be accorded PG status
 Announcement - Reservations in CA course
 Refresher Course on GST and Ind AS organized for CA Students and gain knowledge on GST and Ind AS
 Discontinuation of Students Learning Management System (LMS)
 Observations of the candidates on the question papers of CA examinations November, 2017
 Mock test paper for the students of CPT for December’17 Examination
 Join the Refresher Course on GST and Ind AS organized for CA Students and gain knowledge on GST and Ind AS
 Further Relaxation in the eligibility criteria for Direct Entry Students registering from 1st July, 2017 to 31st July, 2017 for appearing in May, 2018 Intermediate Examination under Revised Scheme of Education and Training
 Examination of the Certificate Course on Valuation scheduled on 26th November, 2017

CA institute lists cos for IFRS convergence
November, 14th 2009

The Institute of Chartered Accountants of India (ICAI) has brought out a list of over 400 companies that should converge their accounting practices with International Financial Reporting Standards (IFRS) by April 2011.

IFRS issued by International Accounting Standards Board is acknowledged by 113 countries. This is ICAIs first list and more companies would be added on its next list, sources said.

The first list comprises 439 companies. It includes BSE-Sensex companies, NSE-Nifty companies, companies that have raised debt of over USD 50 million abroad, financial sector companies, publicly accountable companies (with total borrowings of over Rs 1,000 crore), Indian subsidiaries of foreign companies that have implemented IFRS at the parent company and companies outside these categories with capital of over $50 million abroad.

Significantly, ICAI is mulling including venture capital funds also in the IFRS convergence process.

The first list includes BSE and NSE companies (totalling 52), 44 insurance companies, 46 mutual fund companies, 37 Indian banks with presence only in India, 30 foreign banks with a presence in India, eight Indian banks with overseas branches, one Indian bank with subsidiaries or joint ventures abroad (Central bank of India) and four Indian banks with representative offices abroad.

Then there are 217 companies including Air India Charters, Indian Railway Finance Corporation, Reliance Ports & Terminals, Jet Lite, Educomp Solutions, Exim Bank, TVS Motor, GMR Energy, GVK Power & Infrastructure, Godrej Industries, NHPC, RNRL, Videocon and Wockhardt.

IFRS convergence will entail a change in the accounting process. Rahul Roy, Director, Ernst & Young, said, Depending on a companys complexity, it will need a change in its IT and ERP systems, besides management information system. Besides, companies will have to employ valuers for various valuations.

IFRS compliance is a huge opportunity for consultants, IT companies and tax experts. The cost of compliance will range from Rs 10-12 crore for a big company to Rs 8-10 lakh for a small company.

But finance professionals who have not updated their IFRS skills will become obsolete while IFRS experts will command a premium salary, Mr Roy said.

Companies will have to train their accounts and finance personnel on IFRS. After IFRS convergence, benchmarking Indian companies with their global peers will be more accurate.

ICAI will hold talks on IFRS convergence with SEBI, IRDA, RBI and the Corporate Affairs Ministry on the changes in SEBI guidelines, IRDA rules and regulations, the Banking Regulation Act, Companies Act and National Advisory Committee on Accounting Standards notifications.

ICAI will convene talks with companies in oil and gas, aviation, pharma and textiles to evaluate the sectoral impact. It will follow the IASBs programmes on converging IFRS with US Generally Accepted Accounting Principles. ICAI could also evolve separate and simpler IFRS norms for small and medium enterprises as such companies lack the resources to converge with IFRS.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 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