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: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: ACCOUNTING STANDARD :: form 3cd :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: empanelment :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: cpt
 
 
ICAI »
 Constitution of Group to consider the entire structure to study circles, exploring ways and means to obtain independent PAN, TAN, Service Tax registration
 Group for formulating Foreign Travel Policy of the Institute
 Register for Webinar Organized By CPA Ontario in Association with Canada (Toronto) Chapter of ICAI on March 15, 2017.
 CPE Events 20th February - 25th February 2017
 Regarding Empanelment of professionals having at least fifteen years of continuous practice as a Chartered Accountant with RD MCA as Mediator or Conciliator for the year 2017-2018
 Extension of the Last date for submission of online application for empanelment of Chartered Accountants firms/LLPs with O/o C&AG for the year 2017-18.
 CPE Events 13th February - 18th February 2017
 ICAI elects New Torch-Bearers for the year 2017-18
 Condonation of Breach of Regulation 65 & 78 - Non submission of Form 112
 Exposure Draft of the Ind AS-compliant Schedule III to the Companies Act, 2013, for Non-Banking Financial Companies (NBFCs) (Comments to be received by March 6, 2017)
  Post Qualification Course in International Taxation - Assessment Test (INTT-AT)-May, 2017 Application Form

EU extends date for Indian cos to meet accounting norms
December, 24th 2008
More than 250 Indian companies, listed in bourses of countries in the European Union (EU), now have three additional years to comply with international accounting norms. The deadline was to expire this month. The move comes as a relief for many Indian firms that could have been forced to re-audit their financial statements as per International Financial Reporting Standards (IFRS) or halt operations. These firms, still following Indian accounting standards to report their financial performance, could not shift to the IFRS practices. The European Commission recently ruled that the accounting standards of India should be treated at par with IFRS temporarily. The same is applicable for companies incorporated in the US, Japan, China, Canada and South Korea. However, these firms have to meet the IFRS requirements in the next three years. The EU, which made IFRS compliance a must for all its listed entities way back in 2005, had earlier asked foreign entities on its soil to ensure convergence to IFRS by this year-end. Earlier this year, the Indian government had announced its commitment to converge the Indian accounting standards with IFRS by April 2011. The move was apparently made to safeguard the interests of the Indian entities having their presence in EU. ... The measures will mean that foreign companies (emphasis India) listed on EU markets will continue to file their financial statements prepared in accordance with those GAAPs (Generally Accepted Accounting Principles)..., a EU release said. It said that the present move will eliminate existing costly and burdensome reconciliation requirements between EU and its key trading partners. However, the EU will review the IFRS convergence programme happening in India, China, Canada and South Korea by latest 2011. The European Commission will also regularly monitor the ongoing status of equivalence in these countries. The Indian government and its accounting regulator the Institute of Chartered Accountants of India (ICAI) has taken a number of steps towards the convergence initiative which includes regulatory changes as well as transitional preparedness. Says Rahul Roy, Director, Ernst and Young India While the EUs move is a testimony to the application and rigor of accounting standards in India, it also acknowledges the genetic similarity between Indian accounting standards and IFRS. Mr Roy, a former president of ICAI, said that the move also recognises Indias commitment to converge with IFRS.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

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