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
Latest Expert Exchange
News Headlines »
 Know all about how to file ITR FY 2017-18
 Government extends sale of pre-GST goods with stickers of revised price till July 31
 All 7 ITR forms for assessment year 2018-19 activated for e-filing: Income Tax Department
 Check if new salary structure is income tax efficient
 GST refund drive extended till June 16
 5 income tax returns filing mistakes you must avoid
 Your complete guide to file income tax return
 Input Tax Credit refund drive till June 14
 File Your Income Tax Return for FY 2017-18 Immediately, Know Why
 Which ITR form to file if income is in dollars?
 5 investment lessons to maximize returns; here is all you need to know

IFRS course to be implemented in April 2011 may be watered down a tad
November, 26th 2010

The International Financial Reporting Standards (IFRS), which are on course to be implemented in April 2011, may be watered down a tad to help companies get a breather while switching to the stringent conditions, . The ministry of corporate affairs has drawn up a clear roadmap for the implementation of Indian Accounting Standards in convergence with IFRS, a circular issued earlier in the month said.

"The IFRS mode will be applicable for a few big listed companies though issues that relate to tax and the manner in which it should be calculated, need to be addressed," a government official said.

In the first phase, companies on the Nifty 50 and BSE Sensex, firms whose securities are listed on stock exchanges outside the country, and all those having a net worth of R1,000 crore, would switch to the new accounting system.

Insurance and banking companies, however, would be required to migrate to the IFRS methodology from 2012, the circular said.

The Institute of Chartered Accountants of India (ICAI) has also set up a group, which includes members from the finance ministry, for identifying tax issues that may arise from the convergence issue.

The group has prepared a draft report identifying certain options that could be adopted to achieve tax neutrality.

R Bandyopadhyay, secretary, ministry of corporate affairs has already held a meeting with members of the group. It has instructed the group to come up with a specific proposal, in a time-bound manner, that will be revenue-neutral as well as acceptable to the finance ministry, while being compatible with the IFRS.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Wholesale Silver Jewelry

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