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: TDS :: VAT RATES :: due date for vat payment :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: cpt :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
General »
 Companies should invest in upgradation of tax technology
 Top House tax writer suggests measures to mitigate the impact of the border tax
 Consumer goods distributors, wholesalers to bear the brunt of GST
 GST classification woes to continue
 There will be no tax on farm or agriculture income
 RBI, Income Tax Acts to be amended for electoral bonds, Jaitley says
  Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016
 I-T zeroes in on Mumbai trader in first crackdown after demonetisation
  Tax queries answered by Dilip Lakhani, Senior Chartered Accountant
 Income Tax Department Failed To Unearth Black Money Despite Information
 Govt filing twice as many cases as private cos in Supreme Court

Assocham calls for gradual transition to avoid hiccups: IFRS
January, 25th 2011

Amid confusion surrounding the progressive implementation of International Financial Reporting Standards from April, 2011, industry body Assocham has suggested that companies should initially be asked to only prepare their consolidated accounts as per the new norms.

Assocham has pointed out that even in the European Union, the transition to International Financial Reporting Standards (IFRS) was gradual, with standalone accounts of individual holding companies and subsidiaries considered for tax purposes, whereas consolidated financial statements were prepared in accordance with IFRS.

"To avoid possible turbulence and maintain the deadline of 2011 for introduction of IFRS, Assocham has suggested its implementation on the lines it was done in the European Union," the chamber said in a statement.

This option, Assocham pointed out, was accepted as adequate for claiming that the European Union has converged with IFRS.

According to the roadmap laid out by the Corporate Affairs Ministry, companies will be required to converge their book-keeping practices with the new norms in a phased manner, beginning with companies that have a net worth of over Rs 1,000 crore.

However, confusion still persists on a number of issues, a major one being the tax implication for companies after
convergence with IFRS. Furthermore, the new Companies Bill is pending finalisation, as is the proposed Direct Taxes Code.

Although the MCA has been stressing that the April, 2011, deadline for convergence will be met as committed at the G-20 international forum, experts feel that companies are not in a position to achieve the target, as a lot of work toward IFRS convergence is still pending.

"The official version of Indian Standards converged to IFRS has already been delayed and, therefore, mindset to appreciate Fair Value accounting has not been developed in industry and investors... and doubts regarding unbiased valuation and also, there is no clarity on taxation of IFRS-based accounts," Assocham said.

Another industry chamber, the Federation of Indian Chambers of Commerce and Industry (Ficci), has also asked the government to delay IFRS implementation beyond April, 2011, saying the deadline is "highly unworkable" and "unfair".

In a petition to the Ministry of Corporate Affairs (MCA), Ficci said the transition should be brought in when companies are better equipped to deal with the proposed new accounting concepts and standards.

Source: http://news.in.msn.com/business/article.aspx?cp-documentid=4831589

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

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